Arkansas § 13-15-303 - Application for approval of qualified expenses — Certificate of completion.

§ 13-15-303. Application for approval of qualified expenses — Certificate of completion.

A person may apply to the Arkansas Delta Music Commission for approval of qualified expenses for the purpose of claiming the income tax credit allowed under § 13-15-302. An application for approval of qualified expenses shall: Be for an art project that will: Stimulate regional tourism; Enhance local community development efforts; Create opportunities for Arkansas artists to showcase their work; Enhance the community where the art project will be located; and Promote awareness and encourage the enjoyment of the stories, biographies, and points of interest in blues, rock and roll, country, and gospel music throughout the Arkansas Delta; Be in the form prescribed by the commission; and Indicate the amount of qualified expenses the applicant expects to incur. The commission shall not approve qualified expenses exceeding two hundred fifty thousand dollars ($250,000) in any one (1) calendar year. The total amount of qualified expenses that may be approved under this subsection shall be divided among the designated music highways in proportion to each designated music highway's length as compared to the total length of all of the designated music highways. If the commission does not approve qualified expenses under this section that are equal to the amount of funds allocated to a designated music highway under subdivision (c)(2) of this section, the commission may reallocate the funds to another designated music highway to fund one (1) or more additional art projects. The approval of qualified expenses under this section is contingent on the appropriation and availability of funding for the Arkansas Delta Music Trail Program. The commission shall not solicit or accept applications for the program if funds for the program are not available. At least one-third (1/3) of art projects for which qualified expenses are approved under this section shall be visible from a designated music highway. Upon completion of an art project, the owner shall submit documentation required by the commission to verify that the completed art project complies with the requirements of this chapter. If the commission determines that an art project is complete and complies with the requirements of this chapter, the commission shall issue a certification of completion specifying the total amount of qualified expenses and the income tax credit allowed under this subchapter.