Arkansas § 15-4-3609 Refundable performance fee

Arkansas Statutes

§ 15-4-3609 — Refundable performance fee

Arkansas § 15-4-3609

Title15

This text of Arkansas § 15-4-3609 (Refundable performance fee) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 15-4-3609 (2026).

Text

(a)A qualified community development entity that seeks to have an equity investment or long-term debt security designated as a qualified equity investment eligible for a tax credit under this subchapter shall pay a fee in the amount one-half of one percent (0.5%) of the amount of the equity investment or long-term debt security requested to be designated as a qualified equity investment to the Arkansas Economic Development Commission for deposit into the New Markets Performance Guarantee Fund, § 19-5-1254 .

(b)The qualified community development entity shall forfeit the fee required under this section if:

(1)The qualified community development entity and its subsidiary qualified community development entities fail to:

(A)Issue the total amount of qualified equity investments certified

Free access — add to your briefcase to read the full text and ask questions with AI

(a) A qualified community development entity that seeks to have an equity investment or long-term debt security designated as a qualified equity investment eligible for a tax credit under this subchapter shall pay a fee in the amount one-half of one percent (0.5%) of the amount of the equity investment or long-term debt security requested to be designated as a qualified equity investment to the Arkansas Economic Development Commission for deposit into the New Markets Performance Guarantee Fund, § 19-5-1254 . (b) The qualified community development entity shall forfeit the fee required under this section if: (1) The qualified community development entity and its subsidiary qualified community development entities fail to: (A) Issue the total amount of qualified equity investments certified by the commission; and (B) Receive cash in the total amount certified under and within the time period stated in § 15-4-3605 ; or (2) (A) The qualified community development entity or any subsidiary qualified community development entity that issues a qualified equity investment certified under this subchapter fails to meet the investment requirement under § 15-4-3607(3) by the second credit allowance date of the qualified equity investment. (B) Forfeiture of the fee under subdivision (b)(2)(A) of this section shall be subject to the six-month cure period established under § 15-4-3608 . (c) (1) The fee required under subsection (a) of this section shall be held in the fund until compliance with the requirements of this section is established. (2) (A) A qualified community development entity may request a refund of the fee from the commission no sooner than thirty (30) days after having met all the requirements of this section. (B) The Treasurer of State shall comply with a request under subdivision (c)(2)(A) of this section or give notice of noncompliance within thirty (30) days of receiving the request.