(a)

1. (1) Upon completion of filming or production, or both, in Arkansas, the production company shall file an application for the tax incentive allowed under the Digital Product and Motion Picture Industry Development Act of 2009, Arkansas Code § 15-4-2001 et seq.
2. (2) The application shall include a proof of performance expenditure list that provides the total amount of expenditures that were made in the state in connection with the filming or production, or both, of a film and digital product that complies with this part.
3. (3) The production company shall provide documentation for expenditures in accordance with this part.

(b) The Revenue Division of the Department of Finance and Administration shall upon receipt of an application for a tax incentive, including a proof of performance expenditure report from the Arkansas Economic Development Commission:

1. (1) Calculate the total expenditures of the relevant production company for which there are documented receipts for funds expended in the state;
2. (2) Calculate the incentive benefit to which the applicant is entitled subject to any conditions of the approved financial incentive agreement; and
3. (3) Within one hundred twenty (120) days of the date the final expenditure report was submitted to the commission, the division will certify to the Secretary of the Department of Finance and Administration the amount of tax incentive due to the production company.