Issuance of certificate of tax credit approval by the director

# (a)

After reviewing the application, the Director of the Arkansas Natural Resources Commission, if he or she determines that the project complies with the Water Resource Conservation and Development Incentives Act, Arkansas Code § 26-51-1001 et seq., and this part, shall issue a certificate of tax credit approval based on estimated project costs to any approved applicant whose project meets program requirements.

# (b)

The approved applicant must file the certificate of tax credit approval or both the certificate of tax credit approval and certificate of completion with his, her, or its income tax return for the first year in which the approved applicant claims a tax credit under the program for the project for which the certificate is issued.

# (c)

With respect to a project undertaken by a partnership, a Subchapter S corporation, a limited liability company taxed as a partnership, or a fiduciary, the certificate of tax credit approval shall be issued to each individual partner, shareholder, member, or owner based upon that person's percentage of ownership 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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