§ 19-5-1150 — Arkansas Major Historic Rehabilitation Trust Fund

(a) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a trust fund to be known as the "Arkansas Major Historic Rehabilitation Trust Fund". (b) The Arkansas Major Historic Rehabilitation Trust Fund shall consist of: (1) Grants, donations, or transfers made by any person or government agency or office; (2) Any remaining balances in the Arkansas Major Historic Rehabilitation Trust Fund carried forward from year to year; and (3) Any other funds authorized or provided by law. (c) The Arkansas Major Historic Rehabilitation Trust Fund shall be used to offset the costs of the income tax credits allowed under the Arkansas Major Historic Rehabilitation Income Tax Credit Act, § 26-51-2601 et seq., as follows: (1) By June 30 of each year, the Secretary of the Department of Finance and Administration shall certify: (A) To the Division of Arkansas Heritage the amount in the Arkansas Major Historic Rehabilitation Trust Fund, which shall serve as the maximum amount of Arkansas major historic rehabilitation income tax credits that the division may approve for the next fiscal year; and (B) To the Treasurer of State the amount of Arkansas major historic rehabilitation income tax credits claimed during the current fiscal year; and (2) On July 1 of each year, the Treasurer of State shall transfer the amount certified under subdivision (c)(1)(B) of this section to the General Revenue Fund Account of the State Apportionment Fund to be distributed as authorized under § 19-5-202(b)(2)(B)(vi) .

Legislative History

Added by Act 2019, No. 855,§ 1, eff. 7/24/2019.