26 CAR § 291-103 – Application for credit approval

(a) A taxpayer seeking a credit under this program shall submit an original application and one (1) copy to the Director of the Arkansas Economic Development Commission on the forms provided by the agency.
(b) The director shall review each application submitted and shall either:
1. (1) Approve the application; or
2. (2) Reject the application and notify the applicant of the deficiencies in the application.
(c)
1. (1) An applicant that receives approval shall sign a financial incentive agreement with, and in a form specified by, the Arkansas Economic Development Commission.
2. (2) The financial incentive agreement must be signed before the taxpayer makes the donation or sale to a qualified educational institution or qualified research program.
3. (3) An expenditure made before the approval date of the signed financial incentive agreement shall be denied a credit under this program.
(d) An applicant may resubmit a rejected application after addressing any deficiencies identified by the director.
(e) The director and the Commissioner of the Division of Higher Education must approve a qualified research expenditure as part of a qualified research program.