- (a) A tax credit may be transferred by the registered holder at the offices of the DIG upon the surrender of the Tax Credit Certificate together with duly executed instruments of transfer.
(b) Upon presentation for transfer, the DIG shall record the transfer on the certificate and issue a replacement certificate in the amount of the prior certificate to the transferee along with a copy for its files, with a copy:
- (1) Going to the Revenue Division of the Department of Finance and Administration; and
- (2) To be retained by the DIG.
- (c) The DIG shall indicate in the Transfer of Certificate section of the certificate the state tax year in which the tax credit first may be claimed (which shall not limit the carryforward provisions permitted under the Venture Capital Investment Act of 2001, Arkansas Code § 15-5-1401 et seq.) and which may (only with the Arkansas Development Finance Authority’s permission) be different than the surrendered certificate.
- (d) The DIG shall give the division written notice of the transfer of certificate.