(a)

1. (1) Upon completion of a rehabilitation project and successful Part 1, Part 2, and Part 3 applications, 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 major historic rehabilitation income tax credit allowed.

2. (2) Accordingly:

   1. (A) The Arkansas major historic rehabilitation income 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;
   2. (B)

(i) The Division of Arkansas Heritage shall not issue Arkansas major historic rehabilitation income tax credits for more than the amount certified under Arkansas Code § 19-5-1150(c)(1)(A) or for an amount greater than the funding reservation award with accepted amendments.

1. (ii) Any unused tax credits shall not be carried over to the following fiscal year for use by the program or the division.

   1. (iii) Any certification of completion that would cause the Arkansas major 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; and

   2. (C) The Arkansas major historic rehabilitation income tax credit shall be available to an owner of an eligible property that:

      1. (i) Completes a certified rehabilitation that is placed in service after January 1, 2019;
      2. (ii) Has a minimum investment of one million five hundred thousand dollars ($1,500,000) in qualified rehabilitation expenses;
      3. (iii) Is not receiving a tax credit under any other state law for the same eligible property; and
      4. (iv) Has completed and been approved for Part 1, Part 2, and Part 3 of the application.
      5. (c) Upon issuance of a certificate of completion, the program will notify the appropriate tax authority within fifteen (15) business days.