(a)

1. (1) Upon completion of a rehabilitation project, the owner shall submit documentation required by the Arkansas Historic Preservation Program to verify that the completed rehabilitation qualifies as a certified rehabilitation.

2. (2) The owner shall:

   1. (A) Certify to the program the validity of costs and expenses claimed as qualified rehabilitation expenses; and
   2. (B) Maintain a record supporting the claim for at least five (5) years after the issuance of the certification of completion.

3. (3) An owner’s record supporting a claim for qualified rehabilitation expenses may be reviewed by:

   1. (A) The program;
   2. (B) The appropriate tax collection authority; or
   3. (C) A holder.

(b)

1. (1) If the program determines that a completed rehabilitation project qualifies as a certified rehabilitation and that the certified rehabilitation is complete, the program shall issue a freely transferable certificate of completion specifying the total amount of the qualified rehabilitation expenses and Arkansas historic rehabilitation income tax credit allowed.

2. (2) The tax credit allowed shall be an amount equal to twenty-five percent (25%) of the total qualified rehabilitation expenses incurred by the owner to complete the certified rehabilitation up to the first:

   1. (A) Five hundred thousand dollars ($500,000) of qualified rehabilitation expenses on an income-producing property; or
   2. (B) One hundred thousand dollars ($100,000) of qualified rehabilitation expenses on a nonincome-producing property.

3. (3)

   1. (A) The program shall only issue certificates of completion allowing tax credits for up to four million dollars ($4,000,000) in any one (1) fiscal year.
   2. (B) Any unused tax credits shall not be carried over to the following fiscal year for use by the program or the Division of Arkansas Heritage.
   3. (C) Any certification of completion that would cause the Arkansas historic rehabilitation income tax credit to exceed the amounts listed above during the fiscal year will be carried forward for consideration during the following fiscal year.