Transfer of credits

# (a)

# (1)

An owner of an Arkansas historic rehabilitation income tax credit may freely transfer, sell, or assign all or part of the tax credit amount identified in the certificate of completion.

# (2)

A subsequent holder may also transfer, sell, or assign all or part of the remaining tax credit.

# (b)

An owner or holder that assigns part or all of a tax credit shall:

# (1)

Perfect the transfer by notifying the Arkansas Historic Preservation Program and the appropriate tax collection authority in writing within thirty (30) calendar days following the effective date of the transfer; and

# (2)

Provide any information as may be required by the program and the appropriate tax collection authority to ensure proper tracking of the ownership of the unused Arkansas historic rehabilitation income tax credit.