Low-income housing — Housing tax credit — Arkansas Code § 26-51-1701 et seq

# (a)

# (1)

This tax credit applies to taxpayers that own an interest in a low-income housing project that has been qualified by the Arkansas Development Finance Authority.

# (2)

An eligibility statement, which must be attached to the taxpayer's income tax return in order to claim the credit, is issued by the authority stating the amount of credit allowable.

# (b)

The credit for Arkansas income tax purposes shall be twenty percent (20%) of the federal low-income housing credit.

# (c)

If the credit cannot be fully claimed for the tax year in which established, there is a carryforward period to the next five (5) consecutive tax years.

# (d)

This credit is subject to recapture if the taxpayer's housing project becomes disqualified.

# (e)

The low-income housing credit applies to time periods after August 1, 1997, and is available on a first-come, first-served basis until a two-hundred-fifty-thousand-dollar per year limit is reached.