AR SB844

Amends Arkansas Code § 26-51-506(c) to modify the income tax credit for waste reduction, reuse, or recycling equipment, limiting credits to $20 million per taxpayer per tax year for qualified Amendment 82 projects without public retirement system investors.

Establishes new provisions when a public retirement system is an investor in a qualified Amendment 82 project, requiring the retirement system to possess and control all tax credits and sell or transfer them to the State of Arkansas for 80% of face value beginning July 1, 2016.

Requires the public retirement system to provide written notice by July 15 annually to the Department of Finance and Administration of tax credits to be sold or transferred, with the state required to pay the purchase price by June 30 of the following year from the Economic Development Incentive Fund.

Allows public retirement systems to sell or transfer unused tax credits to third parties if the state fails to timely pay the purchase price, with such credits not expiring before the later of the applicable carry-forward period or three years after transfer.

Declares an emergency effective upon Governor approval to ensure tax credit modifications do not endanger the state's ability to provide essential services and maintain a balanced budget.