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Current as of March 28, 2024 | Updated by FindLaw Staff
(a) A tax credit claimed under this subchapter shall not be refundable or saleable on the open market.
(b)(1) A tax credit earned by a corporation, limited liability company, association, partnership, or other business entity may be allocated to the partners, members, or shareholders of the corporation, limited liability company, association, partnership, or other business entity for their direct use in accordance with any agreement among the partners, members, or shareholders.
(2) An allocation under subdivision (b)(1) of this section:
(A) May occur after the issuance of a qualified equity investment; and
(B) Is not a sale for purposes of this subchapter.
Cite this article: FindLaw.com - Arkansas Code Title 15. Natural Resources and Economic Development § 15-4-3604. Transferability - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-15-natural-resources-and-economic-development/ar-code-sect-15-4-3604/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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