Skip to main content
Find a Lawyer

Arkansas Code Title 26. Taxation § 26-51-1015. Transfer of credit

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

(a) The income tax credits allowed under this subchapter may be transferred.

(b) A transferee from an original approved applicant under this subchapter is entitled to an income tax credit under this subchapter only to the extent the income tax credit is still available to and has not previously been used by the transferor.

(c) A transferee of income tax credits under this subchapter that seeks to qualify for the income tax credits provided in this subchapter shall obtain and attach to the transferee's income tax return for the years the income tax credit is claimed a certified statement from the transferor stating the:

(1) Name and address of the original purchaser and all transferees;

(2) Tax identification number of all persons entitled to any portion of the original income tax credit;

(3) Original date the income tax credit was approved;

(4) Amount of the income tax credit associated with the transfer of the income tax credit;

(5) Original amount of the income tax credit; and

(6) Remaining amount of the income tax credit that is available for use by the transferee.

(d) A transferee under this section is subject to the carry-over provisions provided in this subchapter based on the taxable year in which the income tax credit originated.

(e)(1) If a project is not completed or maintained for the total number of years required under § 26-51-1011, the transferor that originally received the income tax credit under this subchapter is responsible for refunding the income tax credit to the Department of Finance and Administration as provided in § 26-51-1011.

(2) The transferee of an income tax credit under this subchapter is not liable for the repayment of the income tax credit allowed under this subchapter if the transferor that originally received the income tax credit fails to complete or maintain the project under § 26-51-1011.

(f) An owner or holder that assigns part or all of an income tax credit under this section shall perfect the transfer by notifying the department in writing within thirty (30) calendar days following the effective date of the transfer and shall provide any information as may be required by the department to administer and carry out this subchapter and to ensure proper tracking of the ownership of the unused income tax credit.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Arkansas Code Title 26. Taxation § 26-51-1015. Transfer of credit - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-26-taxation/ar-code-sect-26-51-1015/

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 before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard