Code of Arkansas Rules Title 26 — Taxation
26 CAR § 261-103
Limitations
# (a)
Prior to claiming any tax credits under this program, a taxpayer must obtain a certificate of tax credit approval from the Director of the Arkansas Natural Resources Commission certifying to the Department of Finance and Administration that the taxpayer has complied with the procedure contained in 26 CAR § 261-201 et seq.
# (b)
An approved applicant shall not receive a tax credit for costs that are reimbursed from cost share or other programs.
# (c)
Any tax credit or percentage of a tax credit issued to an approved applicant that is a partnership, a limited liability company taxed as a partnership, a Subchapter S corporation, or a fiduciary shall be passed through to the partners, members, or owners, respectively, on a pro rata basis or pursuant to an executed agreement between or among the partners, members, or owners documenting an alternative method for the distribution of the credit.
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In this chapter (16 sections)
- 261-101 · Purpose
- 261-102 · Definitions
- 261-103 · Limitations
- 261-104 · Recordkeeping
- 261-105 · Appeals
- 261-201 · Application for tax credit
- 261-202 · Fees
- 261-203 · Issuance of certificate of tax credit approval by the director
- 261-204 · Issuance of certificate of completion by the director
- 261-301 · Project design, construction, and maintenance requirements
- 261-302 · Project completion
- 261-303 · Project termination
- 261-401 · Installation of a water measuring or metering device
- 261-501 · Transfer of ownership
- 261-502 · Perfecting transfer of ownership
- 261-503 · Responsibility for failure to complete or maintain project