Arkansas Code Title 26, Subtitle 5, Chapter 51, Subchapter 24 - Arkansas Central Business Improvement District Rehabilitation and Development Investment Tax Credit Act [Effective If Contingency in § 26-51-2412 is Met]

• § 26-51-2401 - Title.
  This subchapter shall be known and may be cited as the "Arkansas Central Business Improvement District Rehabilitation and Development Investment Tax Credit Act".
• § 26-51-2402 - Purpose.
  The purpose of this subchapter is to encourage economic development within central business improvement districts by promoting the rehabilitation and development of structures within...
• § 26-51-2403 - Definitions.
  As used in this subchapter: (1) "Central business improvement district" means the central business district of any municipality of the first class or municipality...
• § 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...
• § 26-51-2405 - Eligibility Certificate.
  (a) After a property to be rehabilitated or developed is designated a qualified project under § 26-51-2404 and the taxpayer completes the rehabilitation or...
• § 26-51-2406 - The Projected Rehabilitation or Development Expenditures.
  (a) The projected qualified rehabilitation or development expenditures must occur during a period not to exceed eighteen (18) months.(b) For the rehabilitation or development...
• § 26-51-2407 - Investment Tax Credits.
  (a) There is allowed an investment tax credit against the tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., for...
• § 26-51-2408 - Procedure to Claim the Investment Tax Credit.
  (a) To claim the investment tax credit, a taxpayer shall submit the eligibility certificate issued by the governing body of the central business improvement...
• § 26-51-2409 - Credits Exceeding Tax Liability -- Assignment.
  (a) (1) The amount of the investment tax credit that may be used by a taxpayer for a taxable year shall not exceed the...
• § 26-51-2410 - Fees.
  (a) The governing body of the central business improvement district may charge a fee of two hundred fifty dollars ($250) for the services it...
• § 26-51-2411 - Enforcement -- Deposit of Fees.
  (a) (1) The Director of the Department of Finance and Administration may make rules and prescribe forms for a taxpayer to claim the investment...
• § 26-51-2412 - Effective Date.
  (a) (1) This subchapter takes effect only if the Chief Fiscal Officer of the State certifies that sufficient funding for this subchapter is available...

Last modified: November 15, 2016