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AR SB566
Bill
Status
4/26/2021
Primary Sponsor
David Wallace
Click for details
AI Summary
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Extends the time period for incurring eligible project costs from 4 years to 6 years for retention tax credit projects approved on or after June 22, 2017.
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Allows retention tax credits earned between 49 and 72 months after financial incentive agreement approval to be claimed on and after July 1, 2023.
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Requires the Director of the Arkansas Economic Development Commission to determine that the applicant's investment will generate a return equal to or greater than the retention tax credits claimed before credits can be used.
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Limits the maximum retention tax credits usable in any fiscal year to $750,000 for credits earned between 49 and 72 months after approval.
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Applies these extended credit provisions only to applications filed with the commission between June 22-28, 2017.
Legislative Description
To Amend The Definition Of “project Costs” Under The Consolidated Incentive Act Of 2003; And To Extend The Time Period During Which Project Costs May Be Incurred For Certain Retention Tax Credit Projects.
Last Action
Notification that SB566 is now Act 911
4/26/2021