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26-51-2603. Arkansas major historic rehabilitation income tax credit.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-2603. Arkansas major historic rehabilitation income tax credit.
(a)(1) There is allowed an income tax credit up to the amount of tax imposed by this chapter or the premium tax to a holder of an Arkansas major historic rehabilitation income tax credit.
(2) The income tax credit allowed under subdivision (a)(1) of this section is allowed only one (1) time in a two-year period for each eligible property.
(b) The Arkansas major historic rehabilitation income tax credit shall be in an amount equal to twenty-five percent (25%) of the total qualified rehabilitation expenses incurred by the owner to complete a certified rehabilitation.
(c)(1) The Division of Arkansas Heritage shall not issue Arkansas major historic rehabilitation income tax credits for more than the amount certified under § 19-5-1150(c)(1)(A).
(2) Any unused Arkansas major historic rehabilitation income tax credits shall not be carried over to the following fiscal year for use by the division.
(3) Any certification of completion that would cause the Arkansas major historic rehabilitation income tax credit to exceed the amounts listed in subdivision (c)(1) of this section during the fiscal year shall be carried forward for consideration during the following fiscal year.
(d) The Arkansas major historic rehabilitation income tax credit shall be available to an owner of an eligible property that:
(1) Completes a certified rehabilitation that is placed in service after January 1, 2019;
(2) Has a minimum investment of one million five hundred thousand dollars ($1,500,000) in qualified rehabilitation expenses; and
(3) Is not receiving a tax credit under any other state law for the same eligible property.
(e) Upon completion of a rehabilitation, the owner shall submit documentation required
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-2603
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:26-51-2603
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: dc20cb66777cd3bb84cd19327d6d33acab4699c1e7b50b28d5ae2c94cd881e55
Source location: content.xml paragraph 17337
Stored source content
26-51-2603. Arkansas major historic rehabilitation income tax credit.
(a)(1) There is allowed an income tax credit up to the amount of tax imposed by this chapter or the premium tax to a holder of an Arkansas major historic rehabilitation income tax credit.
(2) The income tax credit allowed under subdivision (a)(1) of this section is allowed only one (1) time in a two-year period for each eligible property.
(b) The Arkansas major historic rehabilitation income tax credit shall be in an amount equal to twenty-five percent (25%) of the total qualified rehabilitation expenses incurred by the owner to complete a certified rehabilitation.
(c)(1) The Division of Arkansas Heritage shall not issue Arkansas major historic rehabilitation income tax credits for more than the amount certified under § 19-5-1150(c)(1)(A).
(2) Any unused Arkansas major historic rehabilitation income tax credits shall not be carried over to the following fiscal year for use by the division.
(3) Any certification of completion that would cause the Arkansas major historic rehabilitation income tax credit to exceed the amounts listed in subdivision (c)(1) of this section during the fiscal year shall be carried forward for consideration during the following fiscal year.
(d) The Arkansas major historic rehabilitation income tax credit shall be available to an owner of an eligible property that:
(1) Completes a certified rehabilitation that is placed in service after January 1, 2019;
(2) Has a minimum investment of one million five hundred thousand dollars ($1,500,000) in qualified rehabilitation expenses; and
(3) Is not receiving a tax credit under any other state law for the same eligible property.
(e) Upon completion of a rehabilitation, the owner shall submit documentation required by the division to verify that the completed rehabilitation qualifies as a certified rehabilitation.
(f) If the division determines that a rehabilitation qualifies as a certified rehabilitation and that the certified rehabilitation is complete, the division shall issue a freely transferable certification of completion specifying the total amount of the qualified rehabilitation expenses and Arkansas major historic rehabilitation income tax credit allowed.
(g)(1) If the owner requests a review of the division's determination under subsection (f) of this section, the owner shall submit a written request for review of the determination.
(2) The owner shall submit the request in writing to the division within thirty (30) days of the date of notification to the owner of the determination.
(h)(1) The owner shall certify to the division the validity of the costs and expenses claimed as qualified rehabilitation expenses and shall maintain a record supporting the claim for at least five (5) years after the issuance of the certification of completion.
(2) An owner's record supporting a claim for qualified rehabilitation expenses may be reviewed by the division, the appropriate tax collection authority, or a holder.
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Arkansas Code — all titles (historical 2020) · legal_authorities
19-5-1150. Arkansas Major Historic Rehabilitation Trust Fund.
(a) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a trust fund to be known as the “Arkansas Major Historic Rehabilitation Trust Fund”.
(b) The Arkansas Major Historic Rehabilitation Trust Fund shall consist of:
(1) Grants, donations, or transfers made by any person or government agency or office;
(2) Any remaining balances in the Arkansas Major Historic Rehabilitation Trust Fund carried forward from year to year; and
(3) Any other funds authorized or provided by law.
(c) The Arkansas Major Historic Rehabilitation Trust Fund shall be used to offset the costs of the income tax credits allowed under the Arkansas Major Historic Rehabilitation Income Tax Credit Act, § 26-51-2601 et seq., as follows:
(1) By June 30 of each year, the Secretary of the Department of Finance and Administration shall certify:
(A) To the Division of Arkansas Heritage the amount in the Arkansas Major Historic Rehabilitation Trust Fund, which shall serve as the maximum amount of Arkansas major historic rehabilitation income tax credits that the division may approve for the next fiscal year; and
(B) To the Treasurer of State the amount of Arkansas major historic rehabilitation income tax credits claimed during the current fiscal year; and
(2) On July 1 of each year, the Treasurer of State shall transfer the amount certified under subdivision (c)(1)(B) of this section to the General Revenue Fund Account of the State Apportionment Fund to be distributed as authorized under § 19-5-202(b)(2)(B)(vi).
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-5-1150
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 19-5-1150. This identifies an authority to review, not proof of applicability.