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003.19.2-IV. Approval

AR ADC 003.19.2-IVArkansas Administrative CodeEffective: June 29, 2020

West's Arkansas Administrative Code
Title 003. Department of Commerce
Division 19. Economic Development Commission
Rule 2. Equity Investment Incentive Act of 2007 Rules
Effective: June 29, 2020
Ark. Admin. Code 003.19.2-IV
Formerly cited as AR ADC 168.00.10-IV
003.19.2-IV. Approval
Currentness
A business that seeks eligibility for an equity investment incentive tax credit under this subchapter shall file an application with the Arkansas Economic Development Commission. The application shall include:
1. A business plan describing the proposed business for which an equity investment incentive tax credit is sought;
2. A projection of the amount of capital being sought for the proposed business;
3. If the application proposes to use a convertible financing structure, a clear statement concerning the timing and conditions under which the convertible financing structure converts into equity; and
4. Other information requested jointly by the Executive Director of the Arkansas Economic Development Commission and the President of the Arkansas Development Finance Authority.
The Commission shall gather information necessary to determine the eligibility of a business that seeks an equity investment incentive tax credit and process the application.
The Commission shall share the application and all information concerning the business with the Arkansas Development Finance Authority and the Division of Science and Technology of the Arkansas Economic Development Commission for review and concurrence on whether or not an equity investment incentive is offered to the business.
The award of the equity investment incentive tax credit to a qualified business under this subchapter shall be determined jointly at the discretion of the Executive Director of the Arkansas Economic Development Commission with the advice of the Board of Directors of the Division of Science and Technology of the Arkansas Economic Development Commission and the President of the Arkansas Development Finance Authority.
Upon approval of the application, the approved business shall sign an equity investment incentive agreement with the Commission.

Credits

Amended Sept. 21, 2011; Oct. 5, 2015; June 29, 2020.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 003.19.2-IV, AR ADC 003.19.2-IV
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