AR HB1697

Increases the Arkansas historic rehabilitation income tax credit limit for income-producing property from $500,000 to $8,000,000 of qualified rehabilitation expenses.

Raises the annual cap on credits issued by the Department of Arkansas Heritage from $4,000,000 to $20,000,000 per fiscal year.

Allows certifications of completion that exceed the annual fiscal year cap to carry forward for consideration in the following fiscal year instead of being forfeited.

Effective for tax years beginning on or after January 1, 2015.