reglab/housing_qa huggingface dataset:
AR Code § 15-4-3405 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 34 - Regional Economic Development Partnership Act|§ 15-4-3405. Application

 (a) An entity shall not be recognized as a regional economic development partnership under this subchapter unless the board of directors of the entity submits an application and is approved under this section.  (b) An entity applying for approval as a regional economic development partnership shall submit an application to the Arkansas Economic Development Commission that includes the following information:  (1) At least a three-year strategic plan that is consistent with the Governor's Strategic Plan for Economic Development and includes the following:  (A) The proposed activities of the regional economic development partnership; and  (B)  (i) A budget for the next calendar year.  (ii) The budget should clearly identify the proposed expenditures for which the grant funds are requested;      (2) Proof of organization;  (3) A copy of the entity's:  (A) Governing documents approved by the entity's governing board;  (B) Bylaws; or  (C) Articles of incorporation;    (4) A map of the economic development region and the population served by the regional economic development partnership based on the latest decennial census;  (5) The identity of each public organization and private organization within the economic development region that is active in economic development and a description of the role each organization will undertake in the regional economic development partnership;  (6) A list of the current members of the board of directors and the entity each member represents; and  (7)  (A)  (i) Evidence of:  (a) The staff dedicated to the regional economic development partnership; or  (b) The staff dedicated to program management of the regional economic development partnership.    (ii) The staff identified under subdivision (b)(7)(A)(i) of this section may be employed by an entity other than the regional economic development partnership.    (B) The primary responsibility of the staff members described in subdivision (b)(7)(A) of this section is to:  (i) Market and promote the economic development region to site selectors and business prospects; and  (ii) Accomplish the goals and objectives of the strategic plan required under subdivision (b)(1) of this section.        (c) The commission shall review each application submitted under this section and shall certify that:  (1) The applicant satisfies the requirements of § 15-4-3404; and  (2) The application submitted under this section includes the information required under subsection (b) of this section.    (d) The commission shall notify unsuccessful applicants in writing of the deficiencies of the applicant.
AR Code § 15-4-3406 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 34 - Regional Economic Development Partnership Act|§ 15-4-3406. Termination

 (a) A board of directors of a regional economic development partnership may terminate the regional economic development partnership upon a majority vote of the board of directors.  (b) Notice of the intent to terminate a regional economic development partnership shall be sent to the Arkansas Economic Development Commission at least thirty (30) days before a board of directors votes on the termination of a regional economic development partnership.  (c) Upon the termination of a regional economic development partnership, the board of directors of the regional economic development partnership shall remit any unspent state funds to the commission within sixty (60) days of the notice to terminate the regional economic development partnership.
AR Code § 15-4-3407 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 34 - Regional Economic Development Partnership Act|§ 15-4-3407. State funding

 (a)  (1) Each regional economic development partnership shall enter into an agreement with the Arkansas Economic Development Commission to receive state funds, if available.  (2) The agreement under subdivision (a)(1) of this section shall:  (A) Be for a term of not longer than one (1) year; and  (B) Identify the eligible expenses for which the regional economic development partnership intends to use state funds under § 15-4-3409.    (3)  (A) The commission and the regional economic development partnership may enter into subsequent one-year agreements under this section following the commission's review of the annual report required under § 15-4-3411.  (B) If a regional economic development partnership was initially approved as a multiyear project, a one-year renewal may be granted by the commission without the regional economic development partnership submitting an annual application.      (b)  (1) Each year, the commission shall allocate funds specifically appropriated by the General Assembly or the commission for regional economic development.  (2)  (A) The funds shall be distributed equally to the qualifying regional economic development partnerships that meet the matching fund requirements under § 15-4-3408.  (B) Funds that are not disbursed under this section during a fiscal year may be distributed in a subsequent fiscal year.
AR Code § 15-4-3408 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 34 - Regional Economic Development Partnership Act|§ 15-4-3408. Matching funds

 (a) A regional economic development partnership shall match the state funds allocated to the regional economic development partnership on the basis of at least one dollar ($1.00) of local matching funds for every one dollar ($1.00) of state funds.  (b) If a regional economic development partnership does not provide proof of sufficient matching funds before the release of state funds, the Arkansas Economic Development Commission shall reduce the award of state funds in the amount necessary to adhere to the required one-to-one ratio of local matching dollars to state dollars.  (c) Local matching funds may be:  (1) Provided by public sources, private sources, or a combination of public sources and private sources; and  (2)  (A) Received in the form of cash, in-kind contributions, or a combination of cash and in-kind contributions.  (B) In-kind contributions shall not be more than forty percent (40%) of the regional economic development partnership's total matching funds.
AR Code § 15-4-3409 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 34 - Regional Economic Development Partnership Act|§ 15-4-3409. Eligible uses of state funds

 State funds under this subchapter shall be used only for marketing, advertising, promoting, and other activities related to implementing the Governor's Strategic Plan for Economic Development required under § 15-4-3405.
AR Code § 15-4-3410 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 34 - Regional Economic Development Partnership Act|§ 15-4-3410. Ineligible uses of state funds

 (a) State funds under this subchapter shall not be used for administrative costs.  (b) Ineligible uses of state funds include without limitation payment for the following expenses:  (1) Administrative salaries, benefits, general administrative costs, and salaries and benefits related to economic development;  (2) Overhead expenses, including without limitation postage, shipping, rent, subscriptions, equipment, furniture, fixtures, telephone, and utilities;  (3) Travel and conference expenses within the state;  (4) Local promotions or sponsorships;  (5) Stationery, paper, pens, and general office supplies;  (6) Construction and infrastructure costs;  (7) Membership dues;  (8) Alcoholic beverages; and  (9) Gratuity on meals, including meals related to activities described in § 15-4-3409.
AR Code § 15-4-3411 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 34 - Regional Economic Development Partnership Act|§ 15-4-3411. Annual reports

 (a) A regional economic development partnership that receives state funding under this subchapter shall submit an annual report to the Arkansas Economic Development Commission.  (b) The annual report required under subsection (a) of this section shall include the following:  (1) A description of the economic development activities and organizational activities of the regional economic development partnership in the preceding twelve (12) months;  (2) A detailed financial report;  (3) A detailed budget for the next twelve (12) months; and  (4) A description of the prioritized activities of the regional economic development partnership for the next twelve (12) months for which state funding under this subchapter is being requested.
AR Code § 15-4-3412 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 34 - Regional Economic Development Partnership Act|§ 15-4-3412. Administration — Rules

 The Arkansas Economic Development Commission shall administer this subchapter and may adopt any rules necessary to implement this subchapter.
AR Code § 15-4-3601 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 36 - New Markets Jobs Act of 2013|§ 15-4-3601. Title

 This subchapter shall be known and may be cited as the “New Markets Jobs Act of 2013”.
AR Code § 15-4-3603 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 36 - New Markets Jobs Act of 2013|§ 15-4-3603. New market tax credit

 (a) A corporation, limited liability company, association, partnership, or other business entity that makes a qualified equity investment earns a vested right to a tax credit against state premium tax liability.  (b) The tax credit established under subsection (a) of this section may be utilized as follows:  (1) On each credit allowance date of the qualified equity investment, the corporation, limited liability company, association, partnership, or other business entity or the subsequent holder of the qualified equity investment may utilize a portion of the tax credit during the taxable year that includes the credit allowance date;  (2) The tax credit amount shall be equal to the applicable percentage for the credit allowance date multiplied by the purchase price paid to the issuer of the qualified equity investment;  (3) The amount of the tax credit claimed by a corporation, limited liability company, association, partnership, or other business entity shall not exceed the state premium tax liability owed by the taxpayer that files the premium tax report for the tax year for which the tax credit is claimed; and  (4) The tax credit is payable only from the general revenues derived from the nonallocated portion of the state premium tax liability funds as described in § 26-57-611.    (c) Any unused portion of a tax credit established under this section may be carried forward for nine (9) consecutive tax years.
AR Code § 15-4-3604 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 36 - New Markets Jobs Act of 2013|§ 15-4-3604. Transferability

 (a) A tax credit claimed under this subchapter shall not be refundable or saleable on the open market.  (b)  (1) A tax credit earned by a corporation, limited liability company, association, partnership, or other business entity may be allocated to the partners, members, or shareholders of the corporation, limited liability company, association, partnership, or other business entity for their direct use in accordance with any agreement among the partners, members, or shareholders.  (2) An allocation under subdivision (b)(1) of this section:  (A) May occur after the issuance of a qualified equity investment; and  (B) Is not a sale for purposes of this subchapter.
AR Code § 15-4-3606 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 36 - New Markets Jobs Act of 2013|§ 15-4-3606. Letter rulings

 (a) Subject to the requirements and limitations of this section, the Arkansas Economic Development Commission shall issue letter rulings regarding the tax credit program authorized under this subchapter.  (b)  (1) The commission shall respond to a request for a letter ruling within sixty (60) days of receiving the request.  (2)  (A) However, the commission may deny a request for a letter ruling for good cause.  (B) If the commission denies a request for a letter ruling for good cause, it shall list the specific reasons for refusing to issue the letter ruling.  (C) Good cause for denying a request for a letter ruling under this subsection includes without limitation the following:  (i) The applicant requests the commission to determine whether a statute is constitutional or a rule is lawful;  (ii) The request involves a hypothetical situation or alternative plans;  (iii) The facts or issues presented in the request are unclear, overbroad, insufficient, or otherwise inappropriate as a basis upon which to issue a letter ruling; and  (iv) The issue is currently being considered in a rulemaking procedure, contested case, or other agency or judicial proceeding that may resolve the issue.      (3) In rendering letter rulings under this subchapter, the commission shall look for guidance to 26 U.S.C. § 45D and 26 C.F.R. § 1.45D-1, as they existed on January 1, 2013, and to the extent they are applicable.    (c) An applicant may:  (1) Provide a draft letter ruling for the commission's consideration; and  (2) Withdraw a request for a letter ruling, in writing, before the issuance of the letter ruling.    (d) Letter rulings bind all state agencies, including the commission and the commission's agents and successors until the qualified community development entity or its shareholders, members, or partners claim all of the applicable tax credits under this subchapter on a Arkansas tax return or report.  (e)  (1) A letter ruling issued under this section applies only to the applicant that requested the letter ruling.  (2) However, a taxpayer identified in a letter ruling may rely on the letter ruling to the extent the letter ruling applies to the taxpayer.
AR Code § 15-4-3608 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 36 - New Markets Jobs Act of 2013|§ 15-4-3608. Cure period — Notice of noncompliance

 (a) Enforcement of each of the recapture provisions under § 15-4-3607 is subject to a six-month cure period.  (b) Recapture shall not occur until the Arkansas Economic Development Commission has given the qualified community development entity written notice of its noncompliance and has afforded the qualified community development entity six (6) months from the date of the notice to cure the noncompliance.
AR Code § 15-4-3609 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 36 - New Markets Jobs Act of 2013|§ 15-4-3609. Refundable performance fee

 (a) A qualified community development entity that seeks to have an equity investment or long-term debt security designated as a qualified equity investment eligible for a tax credit under this subchapter shall pay a fee in the amount one-half of one percent (0.5%) of the amount of the equity investment or long-term debt security requested to be designated as a qualified equity investment to the Arkansas Economic Development Commission for deposit into the New Markets Performance Guarantee Fund, § 19-5-1254.  (b) The qualified community development entity shall forfeit the fee required under this section if:  (1) The qualified community development entity and its subsidiary qualified community development entities fail to:  (A) Issue the total amount of qualified equity investments certified by the commission; and  (B) Receive cash in the total amount certified under and within the time period stated in § 15-4-3605; or    (2)  (A) The qualified community development entity or any subsidiary qualified community development entity that issues a qualified equity investment certified under this subchapter fails to meet the investment requirement under § 15-4-3607(3) by the second credit allowance date of the qualified equity investment.  (B) Forfeiture of the fee under subdivision (b)(2)(A) of this section shall be subject to the six-month cure period established under § 15-4-3608.      (c)  (1) The fee required under subsection (a) of this section shall be held in the fund until compliance with the requirements of this section is established.  (2)  (A) A qualified community development entity may request a refund of the fee from the commission no sooner than thirty (30) days after having met all the requirements of this section.  (B) The Treasurer of State shall comply with a request under subdivision (c)(2)(A) of this section or give notice of noncompliance within thirty (30) days of receiving the request.
AR Code § 15-4-3610 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 36 - New Markets Jobs Act of 2013|§ 15-4-3610. Retaliatory tax

 (a) An entity claiming a tax credit under this subchapter is not required to pay any additional retaliatory tax levied under § 23-63-102 as a result of claiming the tax credit.  (b) In addition to the exclusion in subsection (a) of this section, it is the intent of this subchapter that an entity claiming a tax credit under this subchapter is not required to pay any additional tax that may arise as a result of claiming the tax credit.
AR Code § 15-4-3611 (2020)
2020 Arkansas Code|Title 15 - Natural Resources and Economic Development|Subtitle 1 - Development Of Economic And Natural Resources Generally|Chapter 4 - Development Of Business And Industry Generally|Subchapter 36 - New Markets Jobs Act of 2013|§ 15-4-3611. Decertification

 (a)  (1) If a qualified equity investment is certified under § 15-4-3605, the qualified equity investment shall not be decertified unless the requirements of subsection (b) of this section are met.  (2) Until all qualified equity investments issued by a qualified community development entity are decertified under this section, the qualified community development entity shall not distribute to its equity holders or make cash payments on long-term debt securities that have been designated as qualified equity investments in an amount that exceeds the sum of:  (A) The cumulative operating income, as determined under 26 C.F.R. § 1.45D-1, as it existed on January 1, 2013, earned by the qualified community development entity since issuance of the qualified equity investment, before giving effect to any expense from interest on long-term debt securities designated as qualified equity investments; and  (B) Fifty percent (50%) of the purchase price of the qualified equity investments issued by the qualified community development entity.      (b) To be decertified, a qualified equity investment shall:  (1) Be beyond its seventh credit allowance date;  (2)  (A) Have been in compliance with § 15-4-3607 up through its seventh credit allowance date, including any cures under § 15-4-3608.  (B) The requirement under subdivision (b)(2)(A) of this section is satisfied if no recapture action has been commenced by the Arkansas Economic Development Commission as of the seventh credit allowance date; and    (3) Have invested its proceeds in qualified active low-income community investments such that the total qualified active low-income community investments made, cumulatively including reinvestments, exceeds one hundred fifty percent (150%) of all qualified equity investments issued by the issuer.    (c)  (1) A qualified community development entity that seeks to have a qualified equity investment decertified under this section shall send notice to the commission of its request for decertification along with evidence supporting the request.  (2)  (A) A request under subdivision (c)(1) of this section shall not be unreasonably denied and shall be responded to within thirty (30) days of receiving the request.  (B) If the request is denied for any reason, the burden of proof shall be on the commission in any administrative or legal proceeding that follows to establish that the request was not unreasonably denied.