(a) A tax credit claimed under this subchapter shall not be refundable or saleable on the open market.
(b)
(1) A tax credit earned by a corporation, limited liability company, association, partnership, or other business entity may be allocated to the partners, members, or shareholders of the corporation, limited liability company, association, partnership, or other business entity for their direct use in accordance with any agreement among the partners, members, or shareholders.
(2) An allocation under subdivision (b)(1) of this section:
(A) May occur after the issuance of a qualified equity investment; and
(B) Is not a sale for purposes of this subchapter.
Structure Arkansas Code
Title 15 - Natural Resources and Economic Development
Subtitle 1 - Development Of Economic And Natural Resources Generally
Chapter 4 - Development Of Business And Industry Generally
Subchapter 36 - New Markets Jobs Act of 2013
§ 15-4-3603. New market tax credit
§ 15-4-3605. Certification of qualified equity investments
§ 15-4-3608. Cure period — Notice of noncompliance
§ 15-4-3609. Refundable performance fee