No person or entity may file for benefits under this Act if an application for benefits has been filed and approved under the Manufacturer's Sales and Use Tax Credit Act of 1985 (Arkansas Code Annotated 26-52-701 et. seq.) for the same project. Provided, however, that an application for benefits under the Manufacturer's Sales and Use Tax Credit Act of 1985 may be withdrawn if no tax credits have been taken under that Act. When a project has been approved under the Manufacturer's Sales and Use Tax Credit Act of 1985, no application for a project under this Act will be accepted until the expiration of One (1) year after the date of approval of the application under the Manufacturer's Sales and Use Tax Credit Act of 1985. When a project has been approved under this act, no application for projects under the Manufacturer's Sales and Use Tax Credit of 1985 shall be accepted until the expiration of one (1) year after the date of approval of the application under this Act.