(a)

1. (1) A business that seeks eligibility for an equity investment incentive tax credit under the Equity Investment Incentive Act of 2007, Arkansas Code § 15-4-3301 et seq., shall file an application with the Arkansas Economic Development Commission.

2. (2) The application shall include:

   1. (A) A business plan describing the proposed business for which an equity investment incentive tax credit is sought;
   2. (B) A projection of the amount of capital being sought for the proposed business;
   3. (C) If the application proposes to use a convertible financing structure, a clear statement concerning the timing and conditions under which the convertible financing structure converts into equity; and
   4. (D) Other information requested jointly by the:

(i) Director of the Arkansas Economic Development Commission; and

1. (ii) President of the Arkansas Development Finance Authority.

(b) The commission shall gather information necessary to determine the eligibility of a business that seeks an equity investment incentive tax credit and process the application.

1. (c) The commission shall share the application and all information concerning the business with the Arkansas Development Finance Authority and the Division of Science and Technology of the Arkansas Economic Development Commission for review and concurrence on whether or not an equity investment incentive is offered to the business.

   1. (d) The award of the equity investment incentive tax credit to a qualified business under the Equity Investment Incentive Act of 2007, Arkansas Code § 15-4-3301 et seq., shall be determined jointly at the discretion of the director with the advice of the:
2. (1) Board of Directors of the Division of Science and Technology of the Arkansas Economic Development Commission; and
3. (2) President of the Arkansas Development Finance Authority.