Eligibility for the equity investment incentive tax credit under this subchapter is limited to investments in:
1. Targeted businesses as defined in § 15-4-2703(39); or
2. A business that receives assistance in the form of equity investments from capital investment funds that target early-stage businesses and start-up businesses, if the business:
A. Pays at least one hundred fifty percent (150%) of the lesser of the county average wage or the state average wage; and
B. Meets at least two (2) of the following conditions:
(i) The business is in one (1) of the business sectors set forth in § 15-4-2703(39)(A)(F);
(ii) The business is identified in a local or regional economic development plan as the type of business targeted for recruitment or growth within the community or region;
(iii) The business is supported by a resolution of the city council or quorum court in the municipality or county in which the business is located or plans to locate;
(iv) The business is supported by business incubators certified under § 26-51-815(d)(2)(D);
(v) The business is supported by federal small business innovation research grants; or
(vi) The business is supported by technology development or seed capital investments made by instrumentalities of the state.
Credits
Amended Sept. 21, 2011; Oct. 5, 2015; June 29, 2020.
Current with amendments received through May 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 003.19.2-III, AR ADC 003.19.2-III
