Qualifications

(a)(1) The program allows eligible companies to claim an income tax credit equal to thirty percent (30%) of the cost of tuition, books, and fees reimbursed by a company to a full-time permanent employee of the company after the employee has satisfactorily completed one (1) semester of undergraduate or postgraduate education at an accredited institution of postsecondary education located in Arkansas.

(2) Courses taken by an employee must be directly related to the company's business or industry.

(b) The program applies only to reimbursements paid by eligible companies to their employees after July 30, 1999, for courses taken by such employees after July 30, 1999.
(c)(1) The tax credit claimed by the company cannot exceed twenty-five percent (25%) of the company's income tax liability for the tax year in which the credit is taken.

(2) Unused credits cannot be:

(A) Carried forward;

(B) Carried backward; or

(C) Refunded.

(3) The company's income tax credit must be claimed for the tax year in which reimbursement was actually paid to the employee.

(d) A company cannot claim both the tuition reimbursement tax credit under Acts 1999, No. 1036, and the training tax credit under Acts 1997, No. 1117 (the Biotechnology Act), for the same courses.