§ 26-51-1010 - Application and approval procedure -- Administration. - Arkansas Statutes

26-51-1010. Application and approval procedure -- Administration.

(a) (1) The commission shall promulgate such rules and regulations as may be deemed necessary in administering projects submitted with the intent of qualifying for the tax incentives provided for in this subchapter.

(2) The rules shall not be adopted without the approval of the department.

(b) (1) The commission may charge a reasonable application fee for the processing of tax credit applications.

(2) All fees collected shall be deposited in the Arkansas Water Development Fund.

(c) (1) The commission may issue a tax credit approval certificate for those applications proposing projects that meet the requirements of this subchapter and rules promulgated thereunder.

(2) Upon completion of the project, the commission shall issue a certificate of completion.

(3) To claim the benefits of this section, a taxpayer must obtain a certification from the commission certifying to the department that the taxpayer has met all the requirements and qualifications set forth in this subchapter.

(4) (A) A taxpayer must file the certificate of tax credit approval with his income tax return for the first year in which the taxpayer claims a tax credit under this subchapter.

(B) A taxpayer must file the certificate of completion with the first tax return filed after issuance of the certificate of completion.

(d) The department shall promulgate such rules and regulations as may be deemed necessary to carry out the tax credit provisions of this subchapter.