26 CAR § 130-155. Low-income housing — Housing tax credit — Arkansas Code § 26-51-1701 et seq

(a)(1) This tax credit applies to taxpayers that own an interest in a low-income housing project that has been qualified by the Arkansas Development Finance Authority. (2) An eligibility statement, which must be attached to the taxpayer's income tax return in order to claim the credit, is issued by the authority stating the amount of credit allowable. (b) The credit for Arkansas income tax purposes shall be twenty percent (20%) of the federal low-income housing credit. (c) If the credit cannot be fully claimed for the tax year in which established, there is a carryforward period to the next five (5) consecutive tax years. (d) This credit is subject to recapture if the taxpayer's housing project becomes disqualified. (e) The low-income housing credit applies to time periods after August 1, 1997, and is available on a first-come, first-served basis until a two-hundred-fifty-thousand-dollar per year limit is reached.