(a)

1. (1) A production company seeking a tax incentive under this program shall submit an application to receive the benefit as a rebate or an application to receive the benefit as a tax credit to the Arkansas Economic Development Commission.
2. (2) A production company that is seeking the tax credit incentive benefit must include an income tax account number on the application provided to the commission.

(b) The application:

1. (1) Must include an estimate of the production expenditures; and
2. (2) Shall be filed with the commission and approved by the Director of the Arkansas Economic Development Commission prior to incurring any production costs or post-production costs in Arkansas.

(e) The financial incentive agreement shall define the provisions of the program, which shall include the:

1. (1) Effective date of the agreement;
2. (2) Terms of the agreement;
3. (3) Incentive for which the production company may qualify;
4. (4) Investment threshold requirements necessary to qualify for eligibility;
5. (5) Production company’s responsibilities for certifying eligibility requirements;
6. (6) Production company’s responsibilities for failure to meet or maintain eligibility requirements; and
7. (7) Whether the tax incentive in the agreement will be issued as a rebate or a tax credit.