§ 15-4-1705 - Projects under Manufacturer's Investment Sales and Use Tax Credit Act of 1985. - Arkansas Statutes

15-4-1705. Projects under Manufacturer's Investment Sales and Use Tax Credit Act of 1985.

(a) (1) No person or entity may file for benefits under this subchapter if an application for benefits has been filed and approved under the Economic Investment Tax Credit Act, 26-52-701 et seq., for the same project.

(2) However, an application for benefits under the Economic Investment Tax Credit Act, 26-52-701 et seq., may be withdrawn if no tax credits have been taken under that subchapter.

(b) (1) When a project has been approved under the Economic Investment Tax Credit Act, 26-52-701 et seq., no application for a project under this subchapter will be accepted until the expiration of one (1) year after the date of the approval of the application under the Economic Investment Tax Credit Act, 26-52-701 et seq.

(2) When a project has been approved under this subchapter, no application for projects under the Economic Investment Tax Credit Act, 26-52-701 et seq., shall be accepted until the expiration of one (1) year after the date of approval of the application under this subchapter.