- (a) A registered holder of a Tax Credit Certificate may deliver its certificate to the DIG for the replacement of a certificate or multiple certificates that total in aggregate the same amount as the face value of the Tax Credit Certificate surrendered.
(b) The DIG shall:
- (1) Cancel the surrendered certificate; and
(2) Issue the replacement certificates to the registered holder (or registered holder and transferee or transferees in accordance with 26 CAR § 66-106) along with a copy:
- (A) For the holder's files;
- (B) Of each going to the Revenue Division of the Department of Finance and Administration; and
- (C) Of each to be retained by the DIG.
- (c) The DIG shall indicate on the face of each certificate the state tax year in which the tax credit may first 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 inform the division of the cancellation of the surrendered certificate.