1. (a) All agreements and commitments of the capital development company related to the purchase of equity interests in existence before July 1, 2007, and certified to the Arkansas Economic Development Commission shall:

   1. (1) Remain valid and enforceable;
   2. (2) Be entitled to the tax credits set forth in Acts 2007, No. 566; and
   3. (3) Be completed in accordance with their respective terms.
2. (b) A person who purchases an equity interest in a capital development company in any of the calendar years 2003 – 2015 under the Arkansas Capital Development Company Act, Arkansas Code § 15-4-1001 et seq. [repealed], is entitled to a credit against any state income tax liability or premium tax liability that may be imposed on the purchaser for any tax year commencing on or after the date of the purchase.
3. (c) No capital development company shall enter into an agreement or a commitment for the purchase by any person of equity interests in the capital development company on or after July 1, 2007.

Codification Notes: Arkansas Code §§ 15-4-1001 – 15-4-1004 were repealed by Acts 2017, No. 426, § 4. Arkansas Code §§ 15-4-1005 – 15-4-1007 were repealed by Acts 2003, No. 860, § 3. Arkansas Code §§ 15-4-1008 and 15-4-1009 were repealed by Acts 2017, No. 426, § 4. Arkansas Code § 15-4-1010 was repealed by Acts 2003, No. 860, § 5. Arkansas Code §§ 15-4-1011 – 15-4-1019 were repealed by Acts 2017, No. 426, § 4. Arkansas Code §§ 15-4-1020 and 15-4-1021 were repealed by Acts 2003, No. 860, § 7. Arkansas Code §§ 15-4-1022 – 15-4-1031 were repealed by Acts 2017, No. 426, § 4.