- (a) The total cumulative amount of tax credits available to all purchasers of equity interest in qualified businesses under this part and under Arkansas Code § 15-4-3305(f) in any calendar year shall not exceed six million two hundred fifty thousand dollars ($6,250,000).
- (b) If the total amount of credits applied for under the Equity Investment Incentive Act of 2007, Arkansas Code § 15-4-3301 et seq., for the year exceeds the cap, the Arkansas Economic Development Commission, when allocating credits under the Equity Investment Incentive Act of 2007, Arkansas Code § 15-4-3301 et seq., for the particular applications that would exceed that cap and in order not to exceed the cap, shall first award credits to investors taking an equity interest through an equity purchase before credits may be allocated to investors that use a convertible financing structure for the investment.