Code of Arkansas Rules Title 26 — Taxation
26 CAR § 261-503
Responsibility for failure to complete or maintain project
# (a)
If a project is not completed or maintained for the total number of years required under Arkansas Code § 26-51-1011, the approved applicant is responsible for refunding the income tax credit to the Department of Finance and Administration as provided in Arkansas Code § 26-51-1011.
# (b)
The transferee of an income tax credit under the Water Resource Conservation and Development Incentives Act, Arkansas Code § 26-51-1001 et seq., is not liable for the repayment of the income tax credit allowed under the Water Resource Conservation and Development Incentives Act if the approved applicant fails to complete or maintain the project under Arkansas Code § 26-51-1011.
Source: view the official text
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