(a) Act 462 of 1989 shall apply to all applicants for State tax incentives who submit applications to the Arkansas Department of Finance and Administration, Revenue Division, and obtain the required endorsement resolution approved by the governing body of a municipality or county in whose jurisdiction the facility is to be located after June 30, 1989. The Arkansas Enterprise Zone Act of 1983 (Act 813 of 1983) shall apply to all applicants for State tax incentives who submitted application to the AIDC and obtained the required endorsement resolution approved by the governing body of a municipality or county in whose jurisdiction, the facility is to be located prior to June 30, 989, not withstanding the date on which a business takes or completes all actions necessary to receive a State tax incentive.

(b) Enterprise Zone businesses which qualified under Act 813 of 1983 but do not qualify under Act 462 of 1989 shall not be entitled to any income tax credit for employees hired after June 30, 1991, and shall not be entitled to any sales or use tax refund for purchases made after June 30, 1991. Enterprise Zone businesses which qualified under Act 813 of 1983 but do not qualify under Act 462 of 1989 may continue to carry forward existing income tax credits or claims for refund pursuant to Act 813 of 1983.

(c) Enterprise Zone businesses which qualified under Act 813 of 1983 and qualify pursuant to Act 462 of 1989 shall continue to participate as an Enterprise Zone business under Act 462 of 1989. The provisions of Act 462 of 1989 shall apply to any project by such a business which is covered by an application filed with the Arkansas Department of Finance and Administration, Revenue Division, and a required endorsement resolution dated after June 30, 1989. The provisions of Act 813 of 1983 shall apply to any project by such a business which is covered by an application to the AIDC and a required endorsement resolution dated before June 30, 1989.