Application

(a) A taxpayer may submit an application for a Waterways Investment Income Tax Credit to:
The Tax Credits and Special Refunds Section of the Department of Finance and Administration 1816 W. 7th Street, Suite 2370 Little Rock, Arkansas 72203

(b) The taxpayer’s application shall be on the form required by the Tax Credits and Special Refunds Section of the Department of Finance and Administration.

(c) The taxpayer’s application shall include documentation of eligible costs incurred that:

(1) The taxpayer’s capital investment is in a facility or property related to water transportation in Arkansas;

(2) The taxpayer’s capital investment will provide an economic benefit to the state; and

(3) The capital investment was made between January 1, 2024, and December 31, 2025.

(d) The taxpayer’s documentation of eligible costs shall include:

(1) Construction contracts;

(2) Purchase invoices; and

(3) Receipts.