26 CAR § 260-403 – Committee and director review

(a) Upon receipt of the application, the Department of Agriculture shall make the application available to the Private Wetland and Riparian Zone Creation, Restoration, and Conservation Committee for its review.
(b) The committee shall evaluate the application for compliance with the:
1. (1) Arkansas Private Wetland and Riparian Zone Creation, Restoration, and Conservation Tax Credits Act, Arkansas Code § 26-51-1501 et seq.; and
2. (2) Requirements of this part.
(c) The committee’s review shall also include the following considerations:
1. (1) Whether the appraisal of the qualified real property interest appears to meet the:
  1. (A) Minimum standards of the Uniform Standards of Professional Appraisal Practice; and
  2. (B) Internal Revenue Service requirements for a qualified appraisal;
2. (2) Whether the qualified real property interest's valuation does not appear to be manifestly abusive;
3. (3) Whether the conservation purpose of the donation:
  1. (A) Complies with the requirements of a qualified conservation purpose; and
  2. (B) Contributes to the wetland and riparian zone benefits in Arkansas Code § 26-51-1502;
4. (4) Whether the real property interest meets the requirements for a qualified real property interest; and
5. (5) Whether the donee of the qualified real property interest meets the requirements of an eligible donee.
(d) The committee shall provide the department with written comments and recommendations on applications when the evaluation process is completed.
(e) After reviewing the application and the committee comments, the department, if determined that the project complies with the Arkansas Private Wetland and Riparian Zone Creation, Restoration, and Conservation Tax Credits Act and this part, may issue a certificate of tax credit approval to applicants.
(f) If the department denies approval of a wetland and riparian zone conservation tax credit, the department shall provide a brief written statement to the applicant of the reason for a decision to deny approval.
(g) When a problem identified by the Arkansas Natural Resources Commission is remedied, an eligible donor may resubmit the application for approval of the wetland and riparian zone conservation tax credit.
(h) A decision on an application for approval or conditional approval of a wetland and riparian zone conservation tax credit, or on a resubmission of a conditionally approved or previously denied application, shall be issued in the order in which the completed applications or resubmissions are received.