(a) (1) After receiving both an application for a tax incentive for a tax credit under this subchapter and a proof of performance expenditure report from the Film Office, the Revenue Division of the Department of Finance and Administration shall: (A) Calculate the total expenditures of the relevant production company for which there are documented receipts for funds expended in the state; (B) Calculate the amount of the tax credits to which the applicant is entitled, subject to any conditions of the approved financial incentive agreement; and (C) Within one hundred twenty (120) days after receiving the expenditure report from the Film Office, certify to the Secretary of the Department of Finance and Administration the amount of the tax credit that may be claimed by the production company. (2) The secretary, within ten (10) business days after the receipt of the certification from the division, shall instruct the division to issue the tax credit in the amount certified. (3) Tax credits under this subchapter: (A) Shall be issued promptly after the division completes its review under subdivision (a)(1) of this section; (B) Are allowed as a credit against the income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq.; (C) Are not refundable; and (D) May be carried forward in part or in whole for five (5) consecutive taxable years to apply against the taxpayer's income taxes due. (b) (1) The Arkansas Economic Development Commission shall not approve tax credits under this subchapter for more than four million dollars ($4,000,000) in any one (1) fiscal year. (2) The division shall not issue tax credits in excess of the amount approved by the commission in the financial incentive agreement. Amended by Act 2023, No. 204,§ 9, eff. 8/1/2023. Added by Act 2021, No. 797,§ 11, eff. 7/28/2021. (a) (1) After receiving both an application for a tax incentive for a tax credit under this subchapter and a proof of performance expenditure report from the Film Office, the Revenue Division of the Department of Finance and Administration shall: (A) Calculate the total expenditures of the relevant production company for which there are documented receipts for funds expended in the state; (B) Calculate the amount of the tax credits to which the applicant is entitled, subject to any conditions of the approved financial incentive agreement; and (C) Within one hundred twenty (120) days after receiving the expenditure report from the Film Office, certify to the Secretary of the Department of Finance and Administration the amount of the tax credit that may be claimed by the production company. (2) The secretary, within ten (10) business days after the receipt of the certification from the division, shall instruct the division to issue the tax credit in the amount certified. (3) Tax credits under this subchapter: (A) Shall be issued promptly after the division completes its review under subdivision (a)(1) of this section; (B) Are allowed as a credit against the income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq.; (C) Are not refundable; and (D) May be carried forward in part or in whole for five (5) consecutive taxable years to apply against the taxpayer's income taxes due. (b) (1) The Arkansas Economic Development Commission shall not approve tax credits under this subchapter for more than four million dollars ($4,000,000) in any one (1) fiscal year. (2) The division shall not issue tax credits in excess of the amount approved by the commission in the financial incentive agreement. Amended by Act 2023, No. 204,§ 9, eff. 8/1/2023. Added by Act 2021, No. 797,§ 11, eff. 7/28/2021. (a) (1) After receiving both an application for a tax incentive for a tax credit under this subchapter and a proof of performance expenditure report from the Film Office, the Revenue Division of the Department of Finance and Administration shall: (A) Calculate the total expenditures of the relevant production company for which there are documented receipts for funds expended in the state; (B) Calculate the amount of the tax credits to which the applicant is entitled, subject to any conditions of the approved financial incentive agreement; and (C) Within one hundred twenty (120) days after receiving the expenditure report from the Film Office, certify to the Secretary of the Department of Finance and Administration the amount of the tax credit that may be claimed by the production company. (2) The secretary, within ten (10) business days after the receipt of the certification from the division, shall instruct the division to issue the tax credit in the amount certified. (3) Tax credits under this subchapter: (A) Shall be issued promptly after the division completes its review under subdivision (a)(1) of this section; (B) Are allowed as a credit against the income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq.; (C) Are not refundable; and (D) May be carried forward in part or in whole for five (5) consecutive taxable years to apply against the taxpayer's income taxes due. (b) (1) The Arkansas Economic Development Commission shall not approve tax credits under this subchapter for more than four million dollars ($4,000,000) in any one (1) fiscal year. (2) The division shall not issue tax credits in excess of the amount approved by the commission in the financial incentive agreement. Amended by Act 2023, No. 204,§ 9, eff. 8/1/2023. Added by Act 2021, No. 797,§ 11, eff. 7/28/2021. (a) (1) After receiving both an application for a tax incentive for a tax credit under this subchapter and a proof of performance expenditure report from the Film Office, the Revenue Division of the Department of Finance and Administration shall: (A) Calculate the total expenditures of the relevant production company for which there are documented receipts for funds expended in the state; (B) Calculate the amount of the tax credits to which the applicant is entitled, subject to any conditions of the approved financial incentive agreement; and (C) Within one hundred twenty (120) days after receiving the expenditure report from the Film Office, certify to the Secretary of the Department of Finance and Administration the amount of the tax credit that may be claimed by the production company. (2) The secretary, within ten (10) business days after the receipt of the certification from the division, shall instruct the division to issue the tax credit in the amount certified. (3) Tax credits under this subchapter: (A) Shall be issued promptly after the division completes its review under subdivision (a)(1) of this section; (B) Are allowed as a credit against the income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq.; (C) Are not refundable; and (D) May be carried forward in part or in whole for five (5) consecutive taxable years to apply against the taxpayer's income taxes due. (1) After receiving both an application for a tax incentive for a tax credit under this subchapter and a proof of performance expenditure report from the Film Office, the Revenue Division of the Department of Finance and Administration shall: (A) Calculate the total expenditures of the relevant production company for which there are documented receipts for funds expended in the state; (B) Calculate the amount of the tax credits to which the applicant is entitled, subject to any conditions of the approved financial incentive agreement; and (C) Within one hundred twenty (120) days after receiving the expenditure report from the Film Office, certify to the Secretary of the Department of Finance and Administration the amount of the tax credit that may be claimed by the production company. (A) Calculate the total expenditures of the relevant production company for which there are documented receipts for funds expended in the state; (B) Calculate the amount of the tax credits to which the applicant is entitled, subject to any conditions of the approved financial incentive agreement; and (C) Within one hundred twenty (120) days after receiving the expenditure report from the Film Office, certify to the Secretary of the Department of Finance and Administration the amount of the tax credit that may be claimed by the production company. (2) The secretary, within ten (10) business days after the receipt of the certification from the division, shall instruct the division to issue the tax credit in the amount certified. (3) Tax credits under this subchapter: (A) Shall be issued promptly after the division completes its review under subdivision (a)(1) of this section; (B) Are allowed as a credit against the income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq.; (C) Are not refundable; and (D) May be carried forward in part or in whole for five (5) consecutive taxable years to apply against the taxpayer's income taxes due. (A) Shall be issued promptly after the division completes its review under subdivision (a)(1) of this section; (B) Are allowed as a credit against the income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq.; (C) Are not refundable; and (D) May be carried forward in part or in whole for five (5) consecutive taxable years to apply against the taxpayer's income taxes due. (b) (1) The Arkansas Economic Development Commission shall not approve tax credits under this subchapter for more than four million dollars ($4,000,000) in any one (1) fiscal year. (2) The division shall not issue tax credits in excess of the amount approved by the commission in the financial incentive agreement. (1) The Arkansas Economic Development Commission shall not approve tax credits under this subchapter for more than four million dollars ($4,000,000) in any one (1) fiscal year. (2) The division shall not issue tax credits in excess of the amount approved by the commission in the financial incentive agreement.
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