(a)

1. (1) This tax credit applies to any taxpayer that provides affordable housing assistance that has been qualified by the Arkansas Development Finance Authority.

2. (2) The authority:

   1. (A) Establishes the requirements for this credit; and
   2. (B) Issues a certificate of eligibility for tax credit.
3. (3) This certificate must be attached to the taxpayer's income tax return upon which the tax credit is first taken.

(b)

1. (1) The allowable credit cannot exceed thirty percent (30%) of the total amount invested in affordable housing assistance activities by the taxpayer.
2. (2) If not fully used in the year established, this credit may be carried forward for up to five (5) consecutive tax years following the tax year in which the credit originated.

(c) The affordable neighborhood housing tax credit:

1. (1) Applies to tax years ending after August 1, 1997; and
2. (2) Is available on a first-come, first-served basis until a seven-hundred-fifty-thousand-dollar per year limit for all taxpayers is reached.