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233.04.2-XII. Certification of Completion (Part 4 Application)

AR ADC 233.04.2-XIIArkansas Administrative CodeEffective: February 5, 2024

West's Arkansas Administrative Code
Title 233. Arkansas Department of Parks, Heritage and Tourism
Division 04. Heritage Division
Arkansas Historic Preservation Program
Rule 2. Rules Governing the Arkansas Major Historic Rehabilitation Income Tax Credit Act
Effective: February 5, 2024
Ark. Admin. Code 233.04.2-XII
Formerly cited as AR ADC 233.04.2-XI
233.04.2-XII. Certification of Completion (Part 4 Application)
Currentness
A. Upon completion of a Rehabilitation project and successful Part 1, Part 2, and Part 3 Applications, the Owner shall submit documentation required by the AHPP to verify that the completed Rehabilitation qualifies as a Certified Rehabilitation.
1. The Owner shall certify to the AHPP the validity of costs and expenses claimed as Qualified Rehabilitation Expenses and shall maintain a record supporting the claim for at least five (5) years after the issuance of the Certification of Completion.
2. An Owner's record supporting a claim for Qualified Rehabilitation Expenses may be reviewed by the AHPP, the appropriate tax collection authority, or a Holder.
B. If the AHPP determines that a completed Rehabilitation project qualifies as a Certified Rehabilitation and that the Certified Rehabilitation is complete, the AHPP shall issue a freely transferable certificate of completion specifying the total amount of the Qualified Rehabilitation Expenses and Arkansas Major Historic Rehabilitation Income Tax Credit allowed. Accordingly:
1. The Arkansas Major Historic Rehabilitation Income Tax Credit allowed shall be an amount equal to twenty-five percent (25%) of the total Qualified Rehabilitation Expenses incurred by the Owner to complete the Certified Rehabilitation.
2. The Division of Arkansas Heritage shall not issue Arkansas Major Historic Rehabilitation Income Tax Credits for more than the amount certified under ยง 19-5-1150(c) (1) (A) or for an amount greater than the Funding Reservation Award with accepted amendments.
a. Any unused tax credits shall not be carried over to the following fiscal year for use by the AHPP or the Division of Arkansas Heritage.
b. Any Certification of Completion that would cause the Arkansas Major Historic Rehabilitation Income Tax Credit to exceed the amounts listed above during the fiscal year will be carried forward for consideration during the following fiscal year.
3. The Arkansas Major Historic Rehabilitation Income Tax Credit shall be available to an Owner of an Eligible Property that:
a. Completes a Certified Rehabilitation that is placed in service after January 1, 2019;
b. Has a minimum investment of one million five hundred thousand dollars ($1,500,000) in Qualified Rehabilitation Expenses; and
c. Is not receiving a tax credit under any other state law for the same Eligible Property.
d. Has completed and been approved Part 1, Part 2, and Part 3 of the Application.
C. Upon issuance of a certificate of completion, the AHPP will notify the appropriate tax authority within fifteen (15) business days.

Credits

Adopted Feb. 10, 2020. Amended Feb. 5, 2024.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 233.04.2-XII, AR ADC 233.04.2-XII
End of Document