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003.19.3-XII. Supplemental Tax Credits

AR ADC 003.19.3-XIIArkansas Administrative CodeEffective: May 2, 2022

West's Arkansas Administrative Code
Title 003. Department of Commerce
Division 19. Economic Development Commission
Rule 3. Digital Product and Motion Picture Industry Development Act (Act 816 of 2009, as Amended) Rules
Effective: May 2, 2022
Ark. Admin. Code 003.19.3-XII
003.19.3-XII. Supplemental Tax Credits
Currentness
<See, also, Section 003.19.3-XII, Production Costs Limitations.>
(A) If the executive director of the Commission receives an application for tax credits under this program that would exceed the amount of tax credits remaining to be issued in a fiscal year, the executive director of the Commission may request that the Secretary of the Department of Commerce and the Secretary of DF&A approve supplemental credits to be issued in excess of the $4,000,000 annual cap as stated at A.C.A. § 15-4-2014.
(B) The supplemental credits shall not exceed the amount in the Arkansas Supplemental Digital Product and Motion Picture Industry Development Trust Fund, created at A.C.A. § 19-5-1157, as certified by the Secretary of the Department of Commerce and the Secretary of DF&A.
(C) The Secretary of the Department of Commerce and the Secretary of DF&A may jointly approve supplemental credits to be issued if a cost-benefit analysis demonstrates the issuance of the credits benefits the State in an amount greater than its cost to the State.
(D) The cost-benefit analysis conducted shall be:
(i) Performed by the executive director of AEDC or his or her designee; and
(ii) Confirmed by the Secretary of DF&A or his or her designee.
(E) Supplemental credits issued under this section shall be considered tax credits for the purposes of A.C.A. §§ 15-4-1212 and 15-4-1213.

Credits

Adopted 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-XII, AR ADC 003.19.3-XII
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