reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 19 - ARKANSAS ECONOMIC DEVELOPMENT ACT OF 1995 (§§ 15-4-1901 — 15-4-1908) › Section 15-4-1905 - Financial incentive plan

The financial incentive plan shall:
(1)
Specify the tax incentives the business is to receive, including the maximum amount of income tax credit the business may claim for each tax year covered by the financial incentive plan;
(2)
(A)
Specify the term of the financial incentive plan, which cannot exceed ten (10) years.
(B)
The ten (10) years shall be calculated from the date the financial incentive plan is signed by the business and the Arkansas Economic Development Commission;
(3)
Specify the annual tax credit earned based on total investment divided by the term of the financial incentive plan and attach copies of the business's loan documents which reflect the amount of the annual payments, or documents reflecting the amount of total investment in land, buildings, and equipment;
(4)
Specify the amount of the average hourly wage the business must maintain to receive benefits under the financial incentive plan;
(5)
Specify the percentage of income tax liability against which the income tax credit may be claimed;
(6)
Specify that the tax credits can never exceed the total amount of the debt service or for projects initiated after June 1, 2000, the total amount of the investment in land, buildings, and equipment; and
(7)
Specify that after the term of the financial incentive plan expires, the business may not claim any unused credit against income tax liability for subsequent tax years.
Acts 1995, No. 831, § 5; 2001, No. 975, §§ 11, 12.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 19 - ARKANSAS ECONOMIC DEVELOPMENT ACT OF 1995 (§§ 15-4-1901 — 15-4-1908) › Section 15-4-1907 - Verification

(a)
The Department of Finance and Administration shall have the authority to obtain whatever information necessary from the participating businesses and from the Division of Workforce Services to verify that businesses which have entered into financial incentive plans with the Arkansas Economic Development Commission are complying with the terms of the financial incentive plans and reporting accurate information concerning the number of employees and their payroll to the department.
(b)
The department may promulgate rules and regulations necessary for the proper administration of the provisions of this subchapter.
Amended by Act 2019, No. 910,§ 381, eff. 7/1/2019.
Acts 1995, No. 831, § 7.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 19 - ARKANSAS ECONOMIC DEVELOPMENT ACT OF 1995 (§§ 15-4-1901 — 15-4-1908) › Section 15-4-1908 - Effect of participation

Receiving benefits for a project pursuant to this subchapter will preclude a business from receiving benefits under any other tax incentive program for that same project.
Acts 1995, No. 831, § 8.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 20 - DIGITAL PRODUCT AND MOTION PICTURE INDUSTRY DEVELOPMENT ACT OF 2009 (§§ 15-4-2001 — 15-4-2014) › Section 15-4-2001 - Short title

This subchapter may be referred to and cited as the "Digital Product and Motion Picture Industry Development Act of 2009".
Acts 1997, No. 919, § 1; 2009, No. 816, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 20 - DIGITAL PRODUCT AND MOTION PICTURE INDUSTRY DEVELOPMENT ACT OF 2009 (§§ 15-4-2001 — 15-4-2014) › Section 15-4-2002 - Legislative intent

It is the intent of the General Assembly to assist in cultivating the film industry by:
(1)
Providing the citizens of Arkansas with the education, training, and financial tools to succeed in today's global economy. The economic landscape of the state and the nation has moved from a manufacturing-based economy to one based on knowledge and technology, and to cultivate the state's economy based upon knowledge and technology, by further developing the film and digital content industry in Arkansas;
(2)
Providing the financial incentives needed to foster the long-term development of the digital medium and traditional film industry in Arkansas;
(3)
Recognizing that similar incentives in surrounding states have been a catalyst for unprecedented economic growth within those states and that to create an effective mechanism for the sustained growth of the film industry in Arkansas will require the passage of legislation that establishes a film production incentive program that is not only competitive but also uniquely attractive to specific types of projects, production companies, and infrastructure creation;
(4)
Recognizing that a successfully cultivated film industry will create a sector of high technology in Arkansas, a much-needed infusion of capital into areas of the state that may be economically depressed, and offer to Arkansans skilled labor employment opportunities that require knowledge and pay well;
(5)
Recognizing that the temporary revenue loss to seed the initial growth will be offset by the film and digital content industry's total value added to the Arkansas economy and directly offset through the state and local taxes collected on economic activity generated by the industry;
(6)
Allowing Arkansas to become competitive with surrounding states that offer financial incentives to the film and digital content industry;
(7)
Creating a vibrant film and digital content industry in Arkansas that will be essential to retain highly educated and creative individuals in Arkansas who want to pursue a career in this field;
(8)
Recognizing that the state is uniquely qualified to attract digital form product providers to live, work, and play within its borders due to the state's natural settings, availability of labor and materials, climate, and the hospitality of its people; and
(9)
Recognizing that the Motion Picture Incentive Act of 1983, previously codified at this subchapter, which was one of the first incentives offered to the motion picture industry and allowed the state and motion picture industry to develop a strong partnership, resulted in a significant increase in the number of movies filmed in Arkansas.
Acts 1997, No. 919, § 2; 2009, No. 816, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 20 - DIGITAL PRODUCT AND MOTION PICTURE INDUSTRY DEVELOPMENT ACT OF 2009 (§§ 15-4-2001 — 15-4-2014) › Section 15-4-2004 - Requirement for registration

(a)
A production company that plans to operate within the borders of Arkansas shall register with the Film Office before beginning operations.
(b)
(1)
Upon registration and signing a financial incentive agreement, the production company shall include the name of Arkansas in the credits.
(2)
The Director of the Arkansas Economic Development Commission may waive this requirement if he or she determines that the state should not be acknowledged.
Amended by Act 2019, No. 910,§ 382, eff. 7/1/2019.
Acts 1997, No. 919, § 4; 2009, No. 816, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 20 - DIGITAL PRODUCT AND MOTION PICTURE INDUSTRY DEVELOPMENT ACT OF 2009 (§§ 15-4-2001 — 15-4-2014) › Section 15-4-2005 - Production tax incentives

(a)
(1)
The Director of the Arkansas Economic Development Commission may offer to a production company that has submitted an approved application for a tax incentive under §
15-4-2007
a tax incentive of twenty-five percent (25%) on all qualified production costs in connection with the production of a state-certified film project.
(2)
If the director approves a project for a tax incentive under this section, an additional rebate or tax credit of ten percent (10%) shall be granted for the payroll of below-the-line employees who are full-time residents of Arkansas.
(b)
To qualify for this tax incentive, a production company shall spend at least two hundred thousand dollars ($200,000) within a six-month period in connection with the production of one (1) project.
(c)
A state-certified production shall be granted an additional tax incentive of ten percent (10%) for:
(1)
The payroll of below-the-line employees who are:
(A)
Full-time residents of Arkansas; or
(B)
Veterans; or
(2)
Expenditures paid to a veteran-owned small business for qualified production costs with the state-certified production.
(d)
(1)
A state-certified production shall be granted an additional tax incentive of five percent (5%) for either:
(A)
Hiring below-the-line employees whose full-time permanent address is located in a Tier 3 or Tier 4 county in the annual ranking of counties established by the Arkansas Economic Development Commission under §
15-4-2704
; or
(B)
Expenditures paid to a person or business for qualified production costs with a state-certified production located in a Tier 3 or Tier 4 county in the annual ranking of counties established by the commission under §
15-4-2704
.
(2)
A state-certified production shall be granted an additional tax incentive of five percent (5%) for producing a multi-project production, including without limitation a television series and a multi-film project.
(e)
A production tax incentive shall not be processed until the production company has met in full all obligations to each Arkansas institution and vendor owed for products or services in the state.
(f)
The maximum total tax incentives that shall be claimed for an expenditure under this section is thirty percent (30%) of the expenditure.
Amended by Act 2023, No. 517,§ 1, eff. 8/1/2023, app. for financial incentive agreements signed on or after the effective date of this act..
Amended by Act 2023, No. 204,§ 3, eff. 90 days after sine die adjournment.
Amended by Act 2023, No. 204,§ 2, eff. 90 days after sine die adjournment.
Amended by Act 2021, No. 797,§ 2, eff. 7/28/2021.
Amended by Act 2019, No. 367,§ 2, eff. 7/24/2019.
Amended by Act 2013, No. 496,§ 7, eff. 8/16/2013.
Acts 1997, No. 919, § 5; 2009, No. 816, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 20 - DIGITAL PRODUCT AND MOTION PICTURE INDUSTRY DEVELOPMENT ACT OF 2009 (§§ 15-4-2001 — 15-4-2014) › Section 15-4-2006 - Postproduction tax incentives

(a)
(1)
The Director of the Arkansas Economic Development Commission shall offer a tax credit or a rebate of twenty-five percent (25%) to a qualifying production company that has submitted an approved application for a tax incentive under §
15-4-2007
for a tax incentive on all qualified production costs in connection with the postproduction of an approved state-certified film project.
(2)
A state-certified production shall be granted an additional tax incentive:
(A)
In the amount of ten percent (10%) for:
(i)
The payroll of below-the-line employees who are:
(a)
Full-time residents of Arkansas; or
(b)
Veterans; or
(ii)
Expenditures paid to a veteran-owned business for qualified production costs with the state-certified production;
(B)
In the amount of five percent (5%) for either of the following:
(i)
Hiring below-the-line employees whose full-time permanent address is located in a Tier 3 or Tier 4 county in the annual ranking of counties established by the Arkansas Economic Development Commission under §
15-4-2704
; or
(ii)
Expenditures paid to a person or business for qualified production costs with a state-certified production located in a Tier 3 or Tier 4 county in the annual ranking of counties established by the commission under §
15-4-2704
; and
(C)
In the amount of five percent (5%) for producing a multi-project production, including without limitation a television series and a multi-film project.
(b)
To qualify for a tax incentive under this section, a production company shall spend at least fifty thousand dollars ($50,000) within a six-month period in connection with the production of one (1) project.
(c)
A postproduction tax incentive shall not be processed until the production company has met in full all obligations to each Arkansas institution and vendor owed for products or services in the state.
(d)
The maximum total tax incentives that may be claimed for a qualified expenditure under this section is thirty percent (30%) of the qualified expenditure.
Amended by Act 2023, No. 517,§ 2, eff. 8/1/2023, app. for financial incentive agreements signed on or after the effective date of this act..
Amended by Act 2023, No. 204,§ 4, eff. 90 days after sine die adjournment.
Amended by Act 2021, No. 797,§ 3, eff. 7/28/2021.
Amended by Act 2019, No. 367,§ 3, eff. 7/24/2019.
Amended by Act 2013, No. 496,§ 7, eff. 8/16/2013.
Acts 2009, No. 816, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 20 - DIGITAL PRODUCT AND MOTION PICTURE INDUSTRY DEVELOPMENT ACT OF 2009 (§§ 15-4-2001 — 15-4-2014) › Section 15-4-2008 - Disbursement of rebate

(a)
The Revenue Division of the Department of Finance and Administration shall upon receipt of an application for a tax incentive for a rebate, including a proof of performance expenditure report from the Film Office:
(1)
Calculate the total expenditures of the relevant production company for which there are documented receipts for funds expended in the state;
(2)
Calculate the incentive benefit to which the applicant is entitled, subject to any conditions of the approved financial incentive agreement; and
(3)
Provide certification to the Secretary of the Department of Finance and Administration specifying the amount to be remitted to the production company within one hundred twenty (120) days after the final expenditure report has been submitted.
(b)
The secretary, within ten (10) working days after the receipt of the certification from the division, shall remit the rebate to:
(1)
The production company; or
(2)
At the option of the production company, the full amount or a specified amount noted by the production company to the:
(A)
National Film Preservation Foundation;
(B)
Motion Picture & Television Fund; or
(C)
Digital Product and Motion Picture Office Fund.
(c)
(1)
The amount of the rebate is limited to the amount specified in the approved financial incentive agreement.
(2)
The rebate shall be awarded on a first-come, first-served basis.
(3)
Rebates to be awarded from the Digital Product and Motion Picture Office Fund may be payable from any source of funds allocated for the rebates.
Amended by Act 2023, No. 204,§ 7, eff. 8/1/2023.
Amended by Act 2021, No. 797,§ 8, eff. 7/28/2021.
Amended by Act 2021, No. 474,§ 3, eff. 7/28/2021.
Amended by Act 2019, No. 367,§ 9, eff. 7/24/2019.
Amended by Act 2019, No. 367,§ 8, eff. 7/24/2019.
Amended by Act 2019, No. 910,§ 3399, eff. 7/1/2019.
Amended by Act 2019, No. 910,§ 3398, eff. 7/1/2019.
Amended by Act 2013, No. 496,§ 7, eff. 8/16/2013.
Acts 1997, No. 919, § 7; 2009, No. 816, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 20 - DIGITAL PRODUCT AND MOTION PICTURE INDUSTRY DEVELOPMENT ACT OF 2009 (§§ 15-4-2001 — 15-4-2014) › Section 15-4-2009 - Penalties

(a)
A production company that intends to apply for a tax incentive under this subchapter and does not register as required by §
15-4-2004
may be enjoined from engaging in production activities in the state by any court of competent jurisdiction until the production company has registered.
(b)
A production company that intends to apply for a tax incentive under this subchapter and fails to comply with this subchapter may be denied future participation in tax incentives under this subchapter and is subject to penalty in accordance with applicable state or federal law.
Amended by Act 2023, No. 204,§ 8, eff. 8/1/2023.
Amended by Act 2021, No. 797,§ 9, eff. 7/28/2021.
Acts 1997, No. 919, § 8; 2009, No. 816, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 20 - DIGITAL PRODUCT AND MOTION PICTURE INDUSTRY DEVELOPMENT ACT OF 2009 (§§ 15-4-2001 — 15-4-2014) › Section 15-4-2010 - Rules

The Arkansas Economic Development Commission shall promulgate appropriate rules to carry out the intent and purposes of this subchapter and to prevent abuse.
Acts 1997, No. 919, § 12; 2009, No. 816, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 20 - DIGITAL PRODUCT AND MOTION PICTURE INDUSTRY DEVELOPMENT ACT OF 2009 (§§ 15-4-2001 — 15-4-2014) › Section 15-4-2011 - Sunset

The opportunity to apply for a tax incentive provided by this subchapter expires on June 30, 2032.
Amended by Act 2021, No. 797,§ 10, eff. 7/28/2021.
Amended by Act 2019, No. 367,§ 10, eff. 7/24/2019.
Acts 1997, No. 919, § 11; 2009, No. 816, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 20 - DIGITAL PRODUCT AND MOTION PICTURE INDUSTRY DEVELOPMENT ACT OF 2009 (§§ 15-4-2001 — 15-4-2014) › Section 15-4-2012 - Tax credit

(a)
(1)
After receiving both an application for a tax incentive for a tax credit under this subchapter and a proof of performance expenditure report from the Film Office, the Revenue Division of the Department of Finance and Administration shall:
(A)
Calculate the total expenditures of the relevant production company for which there are documented receipts for funds expended in the state;
(B)
Calculate the amount of the tax credits to which the applicant is entitled, subject to any conditions of the approved financial incentive agreement; and
(C)
Within one hundred twenty (120) days after receiving the expenditure report from the Film Office, certify to the Secretary of the Department of Finance and Administration the amount of the tax credit that may be claimed by the production company.
(2)
The secretary, within ten (10) business days after the receipt of the certification from the division, shall instruct the division to issue the tax credit in the amount certified.
(3)
Tax credits under this subchapter:
(A)
Shall be issued promptly after the division completes its review under subdivision (a)(1) of this section;
(B)
Are allowed as a credit against the income tax imposed by the Income Tax Act of 1929, §
26-51-101
et seq.;
(C)
Are not refundable; and
(D)
May be carried forward in part or in whole for five (5) consecutive taxable years to apply against the taxpayer's income taxes due.
(b)
(1)
The Arkansas Economic Development Commission shall not approve tax credits under this subchapter for more than four million dollars ($4,000,000) in any one (1) fiscal year.
(2)
The division shall not issue tax credits in excess of the amount approved by the commission in the financial incentive agreement.
Amended by Act 2023, No. 204,§ 9, eff. 8/1/2023.
Added by Act 2021, No. 797,§ 11, eff. 7/28/2021.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 20 - DIGITAL PRODUCT AND MOTION PICTURE INDUSTRY DEVELOPMENT ACT OF 2009 (§§ 15-4-2001 — 15-4-2014) › Section 15-4-2013 - Transfer of tax credit

(a)
(1)
An owner of a tax credit under this subchapter may transfer, sell, or assign some or all of the amount of the tax credit certified under §
15-4-2012
.
(2)
A subsequent holder of some or all the amount of the tax credit may transfer, sell, or assign some or all of the remaining tax credit.
(b)
A transferee from an original, approved applicant under this subchapter may use the tax credit under this subchapter only to the extent the tax credit is still available to and has not previously been used by the transferor.
(c)
If a transferee of a tax credit under this subchapter seeks to use the tax credit, the transferee shall obtain and attach to the transferee's income tax return for the years the tax credit is claimed a certified statement from the transferor stating the:
(1)
Name and address of the original purchaser and all transferees;
(2)
Tax identification number of all persons entitled to any portion of the original tax credit;
(3)
Original date the tax credit was approved;
(4)
Original amount of the tax credit;
(5)
Amount of the tax credit that was transferred; and
(6)
Remaining amount of the tax credit that is available for use by the transferee.
(d)
The amount of the tax credit received by the transferee may be carried forward in part or in whole for five (5) consecutive taxable years, beginning from the taxable year in which the tax credit originated, to apply against the taxpayer's income taxes due.
(e)
If any subsequent audits or adjustments are made to a tax credit issued under this subchapter that reduce the amount of the tax credit, then the transferor that originally received the tax credit under this subchapter shall refund the difference between the original amount and the reduced amount to the Department of Finance and Administration.
(f)
An owner or holder that assigns some or all of a tax credit under this section shall perfect the transfer by notifying the department in writing within thirty (30) calendar days following the effective date of the transfer and shall provide any information the department requires to administer and carry out this subchapter and to ensure proper tracking of the ownership of the unused tax credit.
Added by Act 2021, No. 797,§ 11, eff. 7/28/2021.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 20 - DIGITAL PRODUCT AND MOTION PICTURE INDUSTRY DEVELOPMENT ACT OF 2009 (§§ 15-4-2001 — 15-4-2014) › Section 15-4-2014 - Supplemental tax credit

(a)
If the Director of the Arkansas Economic Development Commission receives an application for a tax incentive for tax credits under this subchapter that would exceed the amount of tax credits remaining to be issued in a fiscal year under §
15-4-2012
, the director may request that the Secretary of the Department of Commerce and Secretary of the Department of Finance and Administration approve supplemental tax credits to be issued in excess of the amount in §
15-4-2012
.
(b)
Supplemental tax credits under this section shall not exceed the amount in the Arkansas Supplemental Digital Product and Motion Picture Industry Development Trust Fund as certified by the Secretary of the Department of Finance and Administration.
(c)
(1)
The Secretary of the Department of Commerce and the Secretary of the Department of Finance and Administration may jointly approve supplemental tax credits under this section if a cost-benefit analysis demonstrates that the issuance of the supplemental tax credits is in the prudent interests of the state.
(2)
The cost-benefit analysis conducted under subdivision (c)(1) of this section shall be:
(A)
Performed by the Director of the Arkansas Economic Development Commission or his or her designee; and
(B)
Confirmed by the Secretary of the Department of Finance and Administration or his or her designee.
(d)
Supplemental tax credits issued under this section shall be considered tax credits for the purposes of §§
15-4-1212
and
15-4-1213
.
Amended by Act 2023, No. 204,§ 10, eff. 8/1/2023.
Added by Act 2021, No. 797,§ 11, eff. 7/28/2021.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 22 - [Repealed] (§ 15-4-2201) › Section 15-4-2201 - 15-4-2212 - [Repealed]

Repealed by Act 2015, No. 907,§ 4, eff. 7/1/2015.
Acts 1999, No. 1125, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 23 - ARKANSAS PUBLIC ROADS IMPROVEMENTS CREDIT ACT (§§ 15-4-2301 — 15-4-2307) › Section 15-4-2301 - Title

This subchapter may be referred to and cited as the "Arkansas Public Roads Improvements Credit Act".
Acts 1999, No. 1347, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 23 - ARKANSAS PUBLIC ROADS IMPROVEMENTS CREDIT ACT (§§ 15-4-2301 — 15-4-2307) › Section 15-4-2302 - Legislative intent

The General Assembly finds and declares that:
(1)
The state's program for capital improvements for public roads projects and the financing of those projects is inadequate;
(2)
The economic and other benefits to the state and its people resulting from capital improvements for public roads projects are essential to the public health, safety, and welfare of the people of Arkansas; and
(3)
Providing tax credits to taxpayers for contributions in aid of construction of capital improvements for public roads projects will encourage public and private participation in these capital improvement projects, will promote the economic welfare of this state and its people, and is in the public interest.
Acts 1999, No. 1347, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 23 - ARKANSAS PUBLIC ROADS IMPROVEMENTS CREDIT ACT (§§ 15-4-2301 — 15-4-2307) › Section 15-4-2303 - Definitions

As used in this subchapter:
(1)
"Capital improvements" means capital improvements for public roads;
(2)
"Commission" means the Arkansas Economic Development Commission;
(3)
"Contribution" means a contribution in aid of construction of a public roads project made by a taxpayer to the Public Roads Incentive Fund;
(4)
"Council" means the Arkansas Economic Development Council;
(5)
"County" means any county in the State of Arkansas;
(6)
[Repealed.]
(7)
"Fund" means the Public Roads Incentive Fund;
(8)
"Governing authority" means the quorum court of a county, the governing body of a municipality, and the State Highway Commission;
(9)
"Municipality" means any city or incorporated town in the State of Arkansas;
(10)
"Project" means all, any combination, or any part of the capital improvements for public roads which are authorized by a governing authority and approved by the Director of the Arkansas Economic Development Commission;
(11)
"Public roads" means roads maintained by a governing authority; and
(12)
"Taxpayer" includes any individual, fiduciary, or corporation subject to Arkansas state income tax.
Amended by Act 2019, No. 910,§ 385, eff. 7/1/2019.
Amended by Act 2019, No. 910,§ 384, eff. 7/1/2019.
Acts 1999, No. 1347, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 23 - ARKANSAS PUBLIC ROADS IMPROVEMENTS CREDIT ACT (§§ 15-4-2301 — 15-4-2307) › Section 15-4-2304 - Approval of projects

Governing authorities may apply to the Director of the Arkansas Economic Development Commission for funding assistance for capital improvement projects for public roads as provided by this subchapter. The director is authorized to approve capital improvements for funding assistance upon a finding that a project is in the public interest.
Amended by Act 2019, No. 910,§ 386, eff. 7/1/2019.
Acts 1999, No. 1347, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 23 - ARKANSAS PUBLIC ROADS IMPROVEMENTS CREDIT ACT (§§ 15-4-2301 — 15-4-2307) › Section 15-4-2305 - Public Roads Incentive Fund

(a)
There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the "Public Roads Incentive Fund" of the Arkansas Economic Development Council.
(b)
The fund shall consist of contributions made by taxpayers for public roads projects approved by the Director of the Arkansas Economic Development Commission and any other funds as are designated or deposited to the fund by law.
(c)
(1)
A separate account shall be established for each project, and contributions for a project shall be applied to provide funding assistance for such a project.
(2)
Any contributions which remain in the fund when a project is completed or terminated shall be held and applied to other public roads projects in such manner as the director shall direct.
Amended by Act 2019, No. 910,§ 388, eff. 7/1/2019.
Amended by Act 2019, No. 910,§ 387, eff. 7/1/2019.
Acts 1999, No. 1347, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 23 - ARKANSAS PUBLIC ROADS IMPROVEMENTS CREDIT ACT (§§ 15-4-2301 — 15-4-2307) › Section 15-4-2306 - Tax credit

(a)
A taxpayer shall be entitled to a credit against any Arkansas income tax liability which may be imposed on the taxpayer for any tax year commencing on or after January 1, 1999, for contributions transmitted to the Treasurer of State pursuant to this subchapter.
(b)
The credit shall be determined in the following manner:
(1)
The credit shall be calculated as thirty-three percent (33%) of the taxpayer's contribution;
(2)
In any one (1) tax year, the credit allowed by this section shall offset up to one hundred percent (100%) of the net Arkansas state income tax liability of the taxpayer; and
(3)
Any credit in excess of the amount allowed by subdivision (b)(2) of this section for any one (1) tax year may be carried forward and applied against any Arkansas state income tax liability for the next-succeeding tax year and annually thereafter for a total period of ten (10) years next succeeding the year in which the credit arose, subject to the provisions of subdivision (b)(2) of this section or until the credit is exhausted, whichever occurs first.
Amended by Act 2021, No. 628,§ 1, eff. for tax years beginning on or after January 1, 2020.
Acts 1999, No. 1347, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 23 - ARKANSAS PUBLIC ROADS IMPROVEMENTS CREDIT ACT (§§ 15-4-2301 — 15-4-2307) › Section 15-4-2307 - Powers and duties of the Arkansas Economic Development Commission

The Arkansas Economic Development Commission shall administer the provisions of this subchapter and shall have the following powers and duties, in addition to those mentioned in this subchapter and in other laws of this state:
(1)
To monitor the implementation and operation of this subchapter and to conduct a continuing evaluation of the progress made;
(2)
To assist the governing authority in obtaining assistance from any other department of state government;
(3)
To submit an annual written report evaluating the effectiveness of the program and presenting any suggestions for improving the program, to be submitted to the Governor no later than March 1 of each year; and
(4)
To promulgate rules in accordance with the Arkansas Administrative Procedure Act, §
25-15-201
et seq., necessary to carry out the provisions of this subchapter.
Amended by Act 2019, No. 315,§ 1070, eff. 7/24/2019.
Acts 1999, No. 1347, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 24 - STEEL MANUFACTURERS' TAX EXEMPTIONS AND CREDITS (§§ 15-4-2401 — 15-4-2407) › Section 15-4-2401 - Definitions

As used in this subchapter:
(1)
"Invested" includes, but is not limited to, expenditures made from the proceeds of bonds, including interim notes or other evidence of indebtedness, issued by a municipality, county, or an agency or instrumentality of a municipality, county, or the State of Arkansas, if the obligation to repay the bonds, including interest thereon, is a legally binding obligation, directly or indirectly, of the taxpayer;
(2)
"Production, processing, and testing equipment" includes machinery and equipment essential for the receiving, storing, processing, and testing of raw materials and the production, storage, testing, and shipping of finished products, and facilities for the production of steam, electricity, chemicals, and other materials that are essential to the manufacturing process but which are consumed in the manufacturing process and do not become essential components of the finished product; and
(3)
"Qualified manufacturer of steel" means any natural person, company, or corporation engaged in the manufacture, refinement, or processing of steel whenever more than fifty percent (50%) of the electricity or more than fifty percent (50%) of the natural gas consumed in the manufacture, refinement, or processing of steel is used to power an electric arc furnace or furnaces, continuous casting equipment, or rail steel mill equipment in connection with the melting, continuous casting, or rolling of steel or in the preheating of steel for processing through a rail steel mill.
Acts 2001, No. 541, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 24 - STEEL MANUFACTURERS' TAX EXEMPTIONS AND CREDITS (§§ 15-4-2401 — 15-4-2407) › Section 15-4-2402 - Certification required

To claim the benefits of this subchapter, a taxpayer must obtain a certification prior to December 31, 2006, from the Executive Director of the Arkansas Economic Development Commission certifying to the Revenue Division of the Department of Finance and Administration that the taxpayer:
(1)
Is a qualified manufacturer of steel;
(2)
Operates a steel mill in Arkansas which began production after January 1, 2001; and
(3)
Has invested after January 1, 2001, and prior to December 31, 2006, more than two hundred million dollars ($200,000,000) in a steel mill, and the investment expenditure is for one (1) or more of the following:
(A)
Property purchased for use in the construction of a building or buildings or any addition or improvement thereon to house the steel mill;
(B)
(i)
Machinery and equipment to be located in or in connection with the steel mill.
(ii)
Motor vehicles of a type subject to registration shall not be considered as machinery and equipment; and
(C)
Project planning costs or construction labor costs, including:
(i)
On-site direct labor and supervision, whether employed by a contractor or the project owner;
(ii)
Architectural fees or engineering fees, or both;
(iii)
Right-of-way purchases;
(iv)
Utility extensions;
(v)
Site preparation;
(vi)
Parking lots;
(vii)
Disposal or containment systems;
(viii)
Water and sewer treatment systems;
(ix)
Rail spurs;
(x)
Streets and roads;
(xi)
Purchase of mineral rights;
(xii)
Land;
(xiii)
Buildings;
(xiv)
Building renovation;
(xv)
Production, processing, and testing equipment;
(xvi)
Drainage systems;
(xvii)
Water tanks and reservoirs;
(xviii)
Storage facilities;
(xix)
Equipment rental;
(xx)
Contractor's cost-plus fees;
(xxi)
Builders' risk insurance;
(xxii)
Original spare parts;
(xxiii)
Job administrative expenses;
(xxiv)
Office furnishings and equipment;
(xxv)
Rolling stock; and
(xxvi)
Capitalized start-up costs related to the construction.
Acts 2001, No. 541, § 2.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 24 - STEEL MANUFACTURERS' TAX EXEMPTIONS AND CREDITS (§§ 15-4-2401 — 15-4-2407) › Section 15-4-2403 - Exemption from taxes

Sales of natural gas and electricity to taxpayers qualified to receive the benefits of this subchapter for use in connection with the steel mill shall be exempt from the gross receipts tax levied by the Arkansas Gross Receipts Act of 1941, §
26-52-101
et seq., the Arkansas Compensating Tax Act of 1949, §
26-53-101
et seq., and any other state or local tax administered under the Arkansas Gross Receipts Act of 1941, §
26-52-101
et seq., and the Arkansas Compensating Tax Act of 1949, §
26-53-101
et seq.
Acts 2001, No. 541, § 3.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 24 - STEEL MANUFACTURERS' TAX EXEMPTIONS AND CREDITS (§§ 15-4-2401 — 15-4-2407) › Section 15-4-2404 - Net operating loss deduction - Carry forward

(a)
Taxpayers qualified for the benefits of this subchapter and entitled to a net operating loss deduction as provided in §
26-51-427
may carry forward that deduction to the next-succeeding taxable year following the year of the net operating loss and annually thereafter for a total period of ten (10) years or until the net operating loss has been exhausted, whichever is earlier.
(b)
The net operating loss deduction must be carried forward in the order named in subsection (a) of this section.
Acts 2001, No. 541, § 4.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 24 - STEEL MANUFACTURERS' TAX EXEMPTIONS AND CREDITS (§§ 15-4-2401 — 15-4-2407) › Section 15-4-2405 - Extension of recycling tax credit - Postconsumer waste

(a)
(1)
A qualified manufacturer of steel which has been certified by the Executive Director of the Arkansas Economic Development Commission after January 1, 2001, and prior to December 31, 2006, as qualifying for the benefits of this subchapter and has qualified for the income tax credit for the purchase of waste reduction, reuse, or recycling equipment provided by §
26-51-506
, may carry forward any unused income tax credit earned under §
26-51-506
for a period of fourteen (14) consecutive years following the taxable year in which the credit originated.
(2)
Income tax credits which would otherwise expire during that period shall first be used.
(b)
In the case of a qualified manufacturer of steel as described in subsection (a) of this section:
(1)
The term "waste reduction, reuse, or recycling equipment" as defined in §
26-51-506
shall include production, processing, and testing equipment used to manufacture products containing recovered materials; and
(2)
(A)
The provisions of §
26-51-506(d)(4)
shall not apply.
(B)
However, the qualified manufacturer of steel shall make a good faith effort to use recovered materials containing Arkansas post-consumer waste as a part of the materials used.
Acts 2001, No. 541, § 5.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 24 - STEEL MANUFACTURERS' TAX EXEMPTIONS AND CREDITS (§§ 15-4-2401 — 15-4-2407) › Section 15-4-2406 - Refund of recycling tax credit

(a)
(1)
In the case of a qualified manufacturer of steel as described in §
15-4-2405(a)
, the provisions of §
26-51-506(f)
shall not apply.
(2)
However, the qualified manufacturer of steel shall refund the amount of the tax credit provided by subsection (b) of this section if within three (3) years of the taxable year in which the credit originated:
(A)
(i)
The waste reduction, reuse, or recycling equipment is removed from Arkansas, disposed of, or transferred to another person, or the qualified manufacturer of steel otherwise ceases to use the required materials or operate in accordance with §
26-51-506
.
(ii)
However, reorganization transactions, changes of ownership and control, and sales and transfers of waste reduction, reuse, or recycling equipment among affiliates which do not constitute sales or transfers to a third-party purchaser shall not be considered disposals, transfers, or cessations of use for purposes of §
26-51-506
; or
(B)
The Director of the Division of Environmental Quality finds that the qualified manufacturer of steel has operated the waste reduction, reuse, or recycling equipment in a manner which demonstrates a pattern of intentional failure to comply with final administrative or judicial orders which clearly indicates a disregard for environmental regulation.
(b)
If the provisions of subsection (a) of this section apply, the qualified manufacturer of steel shall refund the amount of the tax credit which was deducted from income tax liability which exceeds the following amounts:
(1)
Within the first year, zero dollars ($0.00);
(2)
Within the second year, an amount equal to thirty-three percent (33%) of the amount of credit allowed; and
(3)
Within the third year, an amount equal to sixty-seven percent (67%) of the credit allowed.
(c)
Any refund required by subdivision (a)(2)(A) of this section shall apply only to the credit given for the particular waste reduction, reuse, or recycling equipment to which subdivision (a)(2)(A) of this section applies.
(d)
Any taxpayer who is required to refund part of a credit pursuant to this section shall no longer be eligible to carry forward any amount of that credit which had not been used as of the date the refund is required.
(e)
Any person or legal entity aggrieved by a decision of the director under this section may appeal to the Arkansas Pollution Control and Ecology Commission through administrative procedures adopted by the commission and to the courts in the manner provided in §§
8-4-222
-
8-4-229
.
Amended by Act 2019, No. 910,§ 3042, eff. 7/1/2019.
Acts 2001, No. 541, § 6.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 24 - STEEL MANUFACTURERS' TAX EXEMPTIONS AND CREDITS (§§ 15-4-2401 — 15-4-2407) › Section 15-4-2407 - Apportionment of credit amount

In the case of a qualified manufacturer of steel as described in §
15-4-2405(a)
which is:
(1)
A proprietorship, partnership, or other business organization treated as a proprietorship or partnership for tax purposes, the amount of the credit determined under this subchapter for any taxable year shall be apportioned to each proprietor, partner, member, or other owner in proportion to the amount of income from the entity which the proprietor, partner, member, or other owner is required to include in gross income;
(2)
A Subchapter S corporation, the amount of credit determined shall be apportioned to each Subchapter S corporation shareholder in proportion to the amount of income from the entity which the Subchapter S corporation shareholder is required to include as gross income; or
(3)
An estate or trust:
(A)
The amount of the credit determined for any taxable year shall be apportioned between the estate or trust and the beneficiaries on the basis of the income of the estate or trust allocable to each; and
(B)
Any beneficiary to whom any amount has been apportioned under this subchapter shall be allowed, subject to the limitations contained in this subchapter, a credit under this subchapter for that amount.
Acts 2001, No. 541, § 7.