(A) A production company seeking a tax incentive under this program shall submit an application to receive the benefit as a rebate or an application to receive the benefit as a tax credit to the Commission. A production company that is seeking the tax credit incentive benefit must include an income tax account number on the application provided to the Commission.
(B) The application must include an estimate of the production expenditures and shall be filed with the Commission and approved by the executive director prior to incurring any production costs or post-production costs in Arkansas.
(C) The application shall include the name, phone number and address of a representative to work with the Commission and the Film Office on the reporting of expenditures and other information necessary to qualify for the tax incentive.
(D) Upon approval of the application by the executive director, the production company and the executive director shall sign a financial incentive agreement.
(E) The financial incentive agreement shall define the provisions of the program, which shall include the:
(i) Effective date of the agreement;
(ii) Terms of the agreement;
(iii) Incentive for which the production company may qualify;
(iv) Investment threshold requirements necessary to qualify for eligibility;
(v) Production company's responsibilities for certifying eligibility requirements;
(vi) Production company's responsibilities for failure to meet or maintain eligibility requirements; and
(vii) Whether the tax incentive in the agreement will be issued as a rebate or a tax credit.
Credits
Adopted Aug. 21, 2009. Amended June 29, 2020; May 2, 2022.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 003.19.3-IV, AR ADC 003.19.3-IV
