AR SB629

Allows income tax credits under the Water Resource Conservation and Development Incentives Act to be transferred from original approved applicants to other parties.

Transferees may only claim credits that remain available and have not been previously used by the original transferor.

Transferees must attach a certified statement from the transferor to their tax return identifying all parties, tax identification numbers, original approval date, credit amounts, and remaining available credit.

Original transferors remain responsible for repaying credits if projects are not completed or maintained as required, while transferees are not liable for repayment failures by the original transferor.

Transfers must be perfected by written notice to the Department of Finance and Administration within 30 calendar days of the effective transfer date, effective for tax years beginning January 1, 2020 or later.