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Arkansas Code Title 15. Natural Resources and Economic Development § 15-4-3612. Reports

Current as of March 28, 2024 | Updated by Findlaw Staff

(a)(1) A qualified community development entity that issues a qualified equity investment under this subchapter shall submit a report to the Arkansas Economic Development Commission within five (5) business days after the first anniversary of the initial credit allowance date.

(2) The report required under subdivision (a)(1) of this section shall provide evidence:

(A) That at least eighty-five percent (85%) of the cash purchase price for each qualified equity investment was used to make qualified low-income community investments in qualified active low-income community businesses located in Arkansas;

(B) Of each qualified low-income community investment by providing a bank statement for the qualified community development entity that includes the qualified low-income community investment; and

(C) That each business was a qualified low-income community business at the time the qualified low-income community investment was made and shall state the name, location, and industry code of each qualified low-income community business receiving a qualified low-income community investment.

(b)(1) After submitting the report required under subsection (a) of this section, a qualified community development entity shall submit an annual report to the commission within five (5) business days after each anniversary of the credit allowance date.

(2) The report required under subdivision (b)(1) of this section shall:

(A) Be submitted to the commission in electronic form and as a hard copy; and

(B) Include without limitation the following:

(i) The number of employment positions created and retained as the result of each qualified low-income community investment;

(ii) The average annual salary of the positions described in subdivision (b)(2)(B)(i) of this section;

(iii) Any other information required by the commission; and

(iv) Any other information submitted by the qualified community development entity to demonstrate the effectiveness of the qualified low-income community investment.

(c) A qualified community development entity shall not include in a report required under this section a qualified low-income community investment that has been redeemed or repaid.

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Cite this article: FindLaw.com - Arkansas Code Title 15. Natural Resources and Economic Development § 15-4-3612. Reports - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-15-natural-resources-and-economic-development/ar-code-sect-15-4-3612/

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