1. (a)

   1. (1) A QCDE that issues a qualified equity investment under the New Markets Jobs Act of 2013, Arkansas Code § 15-4-3601 et seq., shall submit an initial report to the Arkansas Economic Development Commission within five (5) business days after the first anniversary of the initial credit allowance date.

   2. (2) This report shall provide evidence:

      1. (A) That at least eighty-five percent (85%) of the cash purchase price for each qualified equity investment was used to make qualified low-income community investments in qualified active low-income community businesses located in Arkansas;
      2. (B) Of each qualified low-income community investment by providing a bank statement for the QCDE that includes the qualified low-income community investment; and
      3. (C) That each business was a qualified low-income community business at the time the qualified low-income community investment was made and shall state the name, location, and industry code of each qualified low-income community business receiving a qualified low-income community investment.

2. (b)

   1. (1) Subsequent to the initial report, a QCDE shall submit an annual report, in electronic form and as a hard copy, to the commission within five (5) business days after each anniversary of the credit allowance date.

   2. (2) The report shall include, without limitation, the following:

      1. (A) The number of employment positions created and retained as the result of each qualified low-income community investment;
      2. (B) The average annual salary of the positions reported above;
      3. (C) Any other information required by the commission; and
      4. (D) Any other information submitted by the QCDE to demonstrate the effectiveness of the qualified low-income community investment.
3. (c) A QCDE shall not include in any report a qualified low-income community investment that has been redeemed or repaid.

Codification Notes: "QCDE" means qualified community development entity.