26-51-2004. Credit granted.

Arkansas Code — all titles (historical 2020) · legal_authorities

26-51-2004. Credit granted. There is granted a credit against the state income tax liability of an eligible business of seven percent (7%) of the amount of the total project cost of any project, subject to the limit set out in § 26-51-2005.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-2004

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.

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Arkansas Code — all titles (historical 2020) · legal_authorities

26-51-2005. Qualification and determination of credit.

26-51-2005. Qualification and determination of credit. (a)(1) In order to qualify for and receive the credits afforded by this subchapter, any eligible business undertaking a project shall submit a project plan to the Director of the Arkansas Economic Development Commission at least thirty (30) calendar days prior to the start of construction. (2) The plan submitted to the Arkansas Economic Development Commission shall contain such information as may be required by the director to determine eligibility. (b)(1) Upon determination by the director that the project qualifies for credit under this subchapter, the director shall certify to the Secretary of the Department of Finance and Administration that the project is qualified and transmit with his or her certification the documents upon which the certification was based or copies. (2) Upon receipt by the secretary of a certification from the director that an eligible business is entitled to credit under this subchapter, the secretary shall provide forms to the eligible business on which to claim the credit. (c)(1) At the end of the calendar year in which the application was made to the director and at the end of each calendar year thereafter until the project is completed, the eligible business shall certify on the form provided by the secretary the amount of expenditures on the project during the preceding calendar year. (2)(A) Upon receipt of the form certifying expenditures, the secretary shall determine the amount due as a credit for the preceding calendar year and issue a memorandum of credit to the eligible business in the amount of seven percent (7%) of the expenditure. (B)(i)(a) Except as provided in § 26-51-2007, the credit shall then be applied against the eligible business' state income tax liabil

Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-2005

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 26-51-2005. This identifies an authority to review, not proof of applicability.