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26-51-2411. Enforcement — Deposit of fees.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-2411. Enforcement — Deposit of fees.
(a)(1) The Secretary of the Department of Finance and Administration may make rules and prescribe forms for a taxpayer to claim the investment tax credit provided by this subchapter and for the proper enforcement of the claim.
(2) The Department of Finance and Administration shall consult with the governing bodies of the central business improvement districts in making rules under this subchapter to maintain consistency with the purpose and intent of this subchapter.
(b) A fee collected under § 26-51-2404 by the governing body of the central business improvement district shall be deposited into the treasury cash fund of the governing body of a central business improvement district receiving the fee.
(c) The department and the governing body of a central business improvement district may inspect facilities and records of a taxpayer requesting or receiving an investment tax credit as necessary to verify a claim.
(d) The secretary shall demand the repayment of any investment tax credits taken in excess of the investment tax credit allowed by this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-2411
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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Record provenance
Stable record: arkansas_code:legal_authorities:26-51-2411
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 2e60b97dc5b6c7f478fbd5254b4f305d001b2dc6172fd6bb99f2cc0170f0a49b
Source location: content.xml paragraph 17047
Stored source content
26-51-2411. Enforcement — Deposit of fees.
(a)(1) The Secretary of the Department of Finance and Administration may make rules and prescribe forms for a taxpayer to claim the investment tax credit provided by this subchapter and for the proper enforcement of the claim.
(2) The Department of Finance and Administration shall consult with the governing bodies of the central business improvement districts in making rules under this subchapter to maintain consistency with the purpose and intent of this subchapter.
(b) A fee collected under § 26-51-2404 by the governing body of the central business improvement district shall be deposited into the treasury cash fund of the governing body of a central business improvement district receiving the fee.
(c) The department and the governing body of a central business improvement district may inspect facilities and records of a taxpayer requesting or receiving an investment tax credit as necessary to verify a claim.
(d) The secretary shall demand the repayment of any investment tax credits taken in excess of the investment tax credit allowed by this subchapter.
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Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-2404. Qualified project.
(a) To apply for a designation as a qualified project, a taxpayer shall submit to the governing body of the central business improvement district where the property to be rehabilitated or developed is located all forms and fees required by the governing body of the central business improvement district.
(b) To qualify as eligible central business improvement district property, the taxpayer shall demonstrate that the property to be rehabilitated or developed meets the following requirements:
(1) The project must be planned within the physical boundaries of the central business improvement district;
(2) A full set of plans by a licensed architect must be submitted to the governing body of the central business improvement district where the property to be rehabilitated or developed is located;
(3) The project must meet all zoning and building codes of the municipality in which the property to be rehabilitated or developed is located;
(4) The project must meet the design guidelines, be compatible with the overall plan for the central business improvement district, and have a use that the governing body of the central business improvement district determines as maintaining the overall integrity of the central business improvement district;
(5) The qualified rehabilitation or development expenditures for the project must have occurred on or after the effective date of this subchapter; and
(6) The qualified rehabilitation or development expenditures for the project must be greater than thirty thousand dollars ($30,000).
(c) After evaluating the information provided by the taxpayer, the governing body of the central business improvement district shall issue a determination about whether the property to be rehabilitated or develop
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-2404
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 26-51-2404. This identifies an authority to review, not proof of applicability.