- (a) Wetlands and riparian zone creation and restoration tax credits provided under the Arkansas Private Wetland and Riparian Zone Creation, Restoration, and Conservation Tax Credits Act, Arkansas Code § 26-51-1501 et seq., may be applied to taxable years beginning on or after January 1, 1996, and all taxable years thereafter.
- (b) Wetland and riparian zone conservation tax credits may be applied to all taxable years beginning on or after January 1, 2009, and all taxable years thereafter.
- (c) Taxpayers claiming a tax credit under the Arkansas Private Wetland and Riparian Zone Creation, Restoration, and Conservation Tax Credits Act may not claim a credit under the Water Resource Conservation and Development Incentives Act, Arkansas Code § 26-51-1001 et seq., or any similar act for any costs related to the same project.
(d)
(1) Any tax credits issued to partnerships, limited liability companies, Subchapter S corporations, or fiduciaries may pass through to their:
- (A) Members;
- (B) Managers;
- (C) Partners;
- (D) Shareholders; and
- (E) Beneficiaries.
- (2) Tax credits are not transferable to other individuals or entities.
(e)
- (1) The tax credits established by the Arkansas Private Wetland and Riparian Zone Creation, Restoration, and Conservation Tax Credits Act shall expire on December 31 of the calendar year following the calendar year in which the tax credits used pursuant to the provisions of the Arkansas Private Wetland and Riparian Zone Creation, Restoration, and Conservation Tax Credits Act exceed five hundred thousand dollars ($500,000) in any one (1) year.
- (2) Any taxpayer having been issued a certificate of tax credit approval on or prior to this day shall be entitled to the tax credits provided under the Arkansas Private Wetland and Riparian Zone Creation, Restoration, and Conservation Tax Credits Act without regard to expiration of tax credit availability.