(b) The credit shall be determined in the following manner:

1. (1) The credit is limited to an amount not to exceed thirty-three percent (33%) of the taxpayer’s contribution;
2. (2) In any one (1) tax year, the credit allowed shall not exceed one hundred percent (100%) of the taxpayer’s net Arkansas state income tax liability; and
3. (3) Any credit over one hundred percent (100%) of the taxpayer’s net Arkansas state income tax liability for any one (1) tax year may be carried forward and applied against Arkansas state income tax for the next succeeding tax year (subject to the same terms as in subdivision (b)(2) of this section, above) and annually thereafter for a total period of ten (10) years next succeeding the year in which the credit arose or until the credit is exhausted, whichever occurs first.

(c)

1. (1) The Arkansas Economic Development Commission will issue a letter certifying the amount contributed to the Public Roads Incentive Fund.
2. (2) This certification must be attached to the taxpayer’s income tax return in order to claim the credit.