Home Table of Contents

003.19.4-V. Documentation Required

AR ADC 003.19.4-VArkansas Administrative CodeEffective: June 29, 2020

West's Arkansas Administrative Code
Title 003. Department of Commerce
Division 19. Economic Development Commission
Rule 4. Donations or Sales of Equipment to Educational Institutions Tax Credit Program Rules
Effective: June 29, 2020
Ark. Admin. Code 003.19.4-V
003.19.4-V. Documentation Required
Currentness
To claim the credit granted for this program, the taxpayer shall provide the following documents to the Executive Director of the Arkansas Economic Development Commission for each piece of machinery and equipment donated, sold below cost, or purchased by a qualified educational institution with a cash donation:
A. An affidavit from the receiving qualified educational institution that includes:
i. A statement that the educational intuition received the machinery and equipment;
ii. A statement that the machinery and equipment are new within the meaning of this program;
iii. If applicable, a statement of the amount that the education institution paid for machinery and;
iv. A statement indicating whether the educational institution received the machinery and equipment as a donation; purchased the machinery and equipment below cost; or purchased the machinery and equipment with a cash donation provided by the taxpayer;
v. A statement that the educational institution will use the equipment or machinery, however acquired, in connection with a qualified education program or a qualified research program.
B. In the case of a donation or sale by a retail or wholesale business, a copy of the invoice from the business' supplier showing the actual cost of the machinery and equipment.
C. In the case of a donation or sale below cost by a manufacturer, a copy of the manufacturer's wholesale price list showing the lowest price of the machinery and equipment for which the credit is claimed.
D. In the case of a purchase by a qualified educational institution with a cash donation, itemized receipts documenting the amount of the cash donation and the purchase costs of the new machinery and equipment.
E. In the case of a donation to a qualified research program, documentation of the approval of the Executive Director of the Arkansas Economic Development Commission and the Director of the Division of Higher Education of a qualified research expenditure as part of a qualified research program.

Credits

Adopted June 29, 2020.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 003.19.4-V, AR ADC 003.19.4-V
End of Document