§ 15-4-3613 — Revenue impact assessment

(a) (1) Before making a qualified low-income community investment, a qualified community development entity shall submit to the Arkansas Economic Development Commission for review a revenue impact assessment prepared by a nationally recognized third-party independent economic forecasting firm utilizing the Regional Economics Model, Inc., or MIG, Inc., model that demonstrates that the qualified low-income community investment will have a revenue positive impact on the state over ten (10) years against the aggregate tax credit utilization over the same ten-year period. (2) The aggregate tax credit utilization under subdivision (a)(1) of this section is equal to the amount of the qualified low-income community investment multiplied by fifty-eight percent (58%). (b) (1) The commission shall complete its review and notify the qualified community development entity within ten (10) business days from the receipt of a revenue impact assessment. (2) A proposed qualified low-income community investment shall be deemed revenue positive if the commission does not notify a qualified community development entity of its review with ten (10) business days of receipt of a revenue impact assessment. (c) If the commission determines that the revenue impact assessment does not reflect a revenue positive qualified low-income community investment, the commission may waive the requirement under this section if the commission determines that the proposed qualified low-income community investment will further economic development.

Legislative History

Added by Act 2013, No. 1474,§ 1, eff. 4/22/2013.