§ 26-51-1013 - Annual compilation of credits -- Expiration of the subchapter. - Arkansas Statutes

26-51-1013. Annual compilation of credits -- Expiration of the subchapter.

(a) The Department of Finance and Administration shall compile the total amount of tax credits used pursuant to the provisions of this subchapter for each calendar year.

(b) (1) When the total amount of tax credits used pursuant to the provisions of this subchapter exceeds ten million dollars ($10,000,000) in any calendar year, the tax credits established by this subchapter shall expire on December 31 of the calendar year following the calendar year in which the tax credits used pursuant to the provisions of this subchapter exceeded ten million dollars ($10,000,000).

(2) However, any taxpayer having been issued a certificate of tax credit approval on or prior to December 31 may complete the project and shall be entitled to the tax credits provided under this subchapter without regard to the fact that the availability of the tax credits has otherwise expired.