§ 15-11-509 - Tourism attraction project income tax credit.
15-11-509. Tourism attraction project income tax credit.
(a) Tourism attraction projects meeting the eligibility requirements under 15-11-503(13)(A) are entitled to receive an income tax credit based upon a percentage of the payroll of the new full-time permanent employees working at the tourism attraction project.
(b) Upon notification from the Director of the Arkansas Economic Development Commission that an approved company has entered into a tourism attraction project agreement and is entitled to the income tax credit provided by this section, the Director of the Department of Finance and Administration shall provide the approved company with such forms and instructions as are necessary to claim those credits.
(c) (1) The approved company shall certify the number and payroll of the new full-time permanent employees to the Revenue Division of the Department of Finance and Administration.
(2) Upon certification by the company, the Department of Finance and Administration shall authorize an income tax credit equal to four percent (4%) of the payroll of the new full-time permanent employees of the approved tourism attraction project qualifying for benefits under this act.
(d) To be counted as a net new full-time permanent employee for the purpose of qualifying for the tax credits provided by this section, the employee in the position or job must have been an Arkansas taxpayer during the year in which the tax credits were earned.
(e) In the event it is found that any approved company receiving the benefits contained in this section has failed to comply with the conditions contained in this act, that company shall be disqualified from receiving any further benefits under this act and shall be liable for payment of such additional income taxes as may be due after the income tax credits provided for in this section are disallowed, plus interest.
(f) If the Department of Finance and Administration determines that an approved company is no longer qualified to participate in this act, it shall decertify the company. Any company so decertified shall not receive any benefits under this act.
(g) For projects receiving final approval after March 1, 1999, the credit may be applied against the approved company's income tax liability for the succeeding nine (9) years or until the credit is entirely used, whichever occurs first.