- (a) If the Director of the Arkansas Economic Development Commission receives an application for tax credits under this program that would exceed the amount of tax credits remaining to be issued in a fiscal year, the Director of the Arkansas Economic Development Commission may request that the Secretary of the Department of Commerce and the Secretary of the Department of Finance and Administration approve supplemental credits to be issued in excess of the four-million-dollar annual cap as stated at Arkansas Code § 15-4-2014.
- (b) The supplemental credits shall not exceed the amount in the Arkansas Supplemental Digital Product and Motion Picture Industry Development Trust Fund, created at Arkansas Code § 19-5-1157, as certified by the Secretary of the Department of Commerce and the Secretary of the Department of Finance and Administration.
- (c) The Secretary of the Department of Commerce and the Secretary of the Department of Finance and Administration may jointly approve supplemental credits to be issued if a cost–benefit analysis demonstrates the issuance of the credits benefits the state in an amount greater than its cost to the state.
(d) The cost–benefit analysis conducted shall be:
- (1) Performed by the Director of the Arkansas Economic Development Commission or his or her designee; and
- (2) Confirmed by the Secretary of the Department of Finance and Administration or his or her designee.
- (e) Supplemental credits issued under this section shall be considered tax credits for the purposes of Arkansas Code §§ 15-4-2012 and 15-4-2013.