- (a) An approved applicant may freely transfer ownership of a tax credit to a transferee who shall be entitled to an income tax credit only to the extent the income tax credit is still available and has not been previously used by the approved applicant.
- (b) A transferee under this section is subject to the carry-over provisions provided in the Water Resource Conservation and Development Incentives Act, Arkansas Code § 26-51-1001 et seq., based on the taxable year in which the income tax credit originated.
(c) The approved applicant shall:
- (1) Perfect the transfer of ownership by notifying the Department of Finance and Administration in writing within thirty (30) calendar days following the effective date of the transfer; and
- (2) Provide any information as may be required by the Natural Resources Division of the Department of Agriculture and the Department of Finance and Administration to ensure proper tracking of the ownership of the unused tax credit.