26 CAR § 261-503 – Responsibility for failure to complete or maintain project

(a) If a project is not completed or maintained for the total number of years required under Arkansas Code § 26-51-1011, the approved applicant is responsible for refunding the income tax credit to the Department of Finance and Administration as provided in Arkansas Code § 26-51-1011.
(b) The transferee of an income tax credit under the Water Resource Conservation and Development Incentives Act, Arkansas Code § 26-51-1001 et seq., is not liable for the repayment of the income tax credit allowed under the Water Resource Conservation and Development Incentives Act if the approved applicant fails to complete or maintain the project under Arkansas Code § 26-51-1011.