§ 26-51-1004 - Applicability -- Effective date. - Arkansas Statutes

26-51-1004. Applicability -- Effective date.

(a) (1) The tax credits provided by this subchapter shall apply to taxable years beginning on or after January 1, 1996, and all taxable years thereafter.

(2) Any taxpayer claiming a tax credit under this subchapter may not claim a credit under the Water Resource Conservation and Development Incentives Act of 1985 [repealed] or any similar act for any costs related to the same project.

(3) Any tax credits issued to partnerships, limited liability companies, Subchapter S corporations, or fiduciaries may pass through to their members, managers, partners, shareholders, and/or beneficiaries.

(b) (1) No new tax credit approval certificates under the Water Resource Conservation and Development Incentives Act of 1985 [repealed] shall be issued after December 31, 1995.

(2) However, any taxpayer having been issued a certificate of tax credit approval on or prior to December 31, 1995, may complete the project and shall be entitled to the credits provided under that act.