Limitations

# (a)

The taxpayer shall file the certificate of tax credit approval with the income tax return for the first year in which the taxpayer claims a tax credit under the Arkansas Private Wetland and Riparian Zone Creation, Restoration, and Conservation Tax Credits Act, Arkansas Code § 26-51-1501 et seq.

# (b)

# (1)

Only one (1) wetland and riparian zone conservation tax credit may be earned per qualified real property interest donation.

# (2)

If the qualified real property interest is held in joint ownership, the wetland and riparian zone conservation tax credit shall be allocated in proportion to the Department of Agriculture’s knowledge of each respective ownership share.

# (c)

If the qualified real property interest is held by a pass-through entity, the wetland and riparian zone tax credit shall be allocated as prescribed under:

# (1)

26 U.S.C. § 704(b), as in effect on January 1, 2009; and

# (2)

Corresponding regulations in 26 C.F.R. § 1.704-1(b)(4)(ii), as in effect on January 1, 2009.

# (d)

An eligible donor may earn only one (1) wetland and riparian zone conservation tax credit per income year.