AR SB570

Amends the definition of "certified rehabilitation" in Arkansas Code § 26-51-2203(2) to clarify it means the total of appropriate and approved rehabilitation work on an eligible property that results in substantial rehabilitation and has been issued an eligibility certificate

Limits income tax credits under the Arkansas Historic Rehabilitation Income Tax Credit Act to one credit per eligible property during any twenty-four-month period, effective immediately upon passage

Extends the effectiveness of the subchapter from tax years beginning January 1, 2009 and ending December 31, 2027

Declares an emergency citing limited tax credit funds being depleted by property owners applying for multiple credits on the same property within twenty-four months, making the act effective upon Governor approval, expiration of veto period, or veto override

Approved by the Governor on March 20, 2015