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006.05.202-14. Transfer of Income Tax Credits as Corporate Assets

AR ADC 006.05.202-14Arkansas Administrative Code

West's Arkansas Administrative Code
Title 006. Department of Finance and Administration
Division 05. Division of Revenues
Rule 202. 1989-1 Gross Receipts and Use Tax/Enterprise Zones
Ark. Admin. Code 006.05.202-14
006.05.202-14. Transfer of Income Tax Credits as Corporate Assets
When a firm certified as eligible to receive income tax credits under the provisions of this program, sells its assets or otherwise transfers its proprietary interest to any other person, association, corporation or other ownership, the unused income tax credits earned by the selling firm may be transferred to the new owner only if the Revenue Division of the Department of Finance and Administration is notified prior to the transaction, and:
(a) The transfer of the tax credit as an asset is a condition of the sale, and
(b) The buyer of the company is maintaining the company in operation and is not closing operations at this site.
This provision does not apply to any firm that undergoes a reorganization changing corporate status for tax purposes.
Current with amendments received through May 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 006.05.202-14, AR ADC 006.05.202-14
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