1. (a)

   1. (1) A person or entity seeking benefits under the Delta Geotourism Incentive Act of 2007, Acts 2007, No. 518, must apply to the Revenue Division of the Department of Finance and Administration.
   2. (2) Application must be made on the prescribed Application for Geotourism Incentives form approved by the Department of Finance and Administration and included below.

2. (b) The Department of Finance and Administration will forward the application to the Department of Parks, Heritage, and Tourism, which shall determine whether the investment made by the person or entity qualifies for the income tax credit based upon the following requirements:

   1. (1) The investment must be in a minimum amount of twenty-five thousand dollars ($25,000); and

   2. (2) The funds must be invested in a geotourism-supporting business located in the Lower Mississippi River Delta that meets the following criteria:

      1. (A) In an economically distressed area (Chicot, Desha, Lee, Phillips, or St. Francis counties) or a county that borders two (2) counties defined as economically distressed (Crittenden, Drew, Arkansas, or Monroe counties);
      2. (B) In an unincorporated area or a city with a population of less than sixteen thousand (16,000) as determined by the United States Census Report of 2000;
      3. (C) Within thirty (30) miles of a national scenic byway; and
      4. (D) Within fifteen (15) miles of:

3. (i) Public access to a navigable river;

   1. (ii) An Arkansas state park;

      1. (iii) An Arkansas State Game and Fish Commission wildlife management area; or

         1. (iv) A national wildlife refuge.
         2. (c)

   2. (1) When the Department of Parks, Heritage, and Tourism determines that a business qualifies as a geotourism-supporting business and meets all other criteria pursuant to the act, it shall provide written certification to the Department of Finance and Administration that:

      1. (A) The business qualifies; and
      2. (B) Investments in the qualified business are eligible for the credit.

   3. (2) The Department of Parks, Heritage, and Tourism shall forward to the Department of Finance and Administration copies of the application, certification, and other pertinent documentation regarding the person or entity's qualification into the program.

      1. (d) If the entity requesting the credit is a pass-through entity such as a Subchapter S corporation or an LLC, the entity must provide the Department of Parks, Heritage, and Tourism and the Department of Finance and Administration the names and addresses of all members and their respective percentage ownership in the entity.
4. (e) The Department of Finance and Administration and the Department of Parks, Heritage, and Tourism may inspect facilities and audit records of a person or an entity requesting or receiving an income tax credit under the act as necessary to determine qualification or to verify a claim.

Codification Notes: “LLC” means limited liability company.