§ 26-51-1106 — Application for credit approval

(a) To apply for a credit under this subchapter, a taxpayer shall submit an original application and one (1) copy to the Director of the Arkansas Economic Development Commission on the forms prescribed by the director. (b) The director shall review each application submitted under this subchapter and shall either: (1) Approve the application; or (2) Reject the application and notify the applicant of the deficiencies in the application. (c) An applicant that receives approval from the director under this section shall sign a financial incentive agreement outlining the terms and conditions of the credit granted under this subchapter. (d) An applicant may resubmit a rejected application after addressing any deficiencies identified by the director. (e) For an application submitted on or after July 24, 2019, an expenditure incurred before the approval date of the financial incentive agreement required under subsection (b) of this section shall be denied a credit under this subchapter.

Legislative History

Added by Act 2019, No. 203,§ 6, eff. 7/24/2019.