Arkansas § 15-4-3609 - Refundable performance fee.
Full text of Arkansas Arkansas Code of 1987 Annotated § 15-4-3609 — Refundable performance fee., with citation guidance and answers to common questions.
§ 15-4-3609. Refundable performance fee.
A qualified community development entity that seeks to have an equity investment or long-term debt security designated as a qualified equity investment eligible for a tax credit under this subchapter shall pay a fee in the amount one-half of one percent (0.5%) of the amount of the equity investment or long-term debt security requested to be designated as a qualified equity investment to the Arkansas Economic Development Commission for deposit into the New Markets Performance Guarantee Fund, § 19-5-1254. The qualified community development entity shall forfeit the fee required under this section if: The qualified community development entity and its subsidiary qualified community development entities fail to: Issue the total amount of qualified equity investments certified by the commission; and Receive cash in the total amount certified under and within the time period stated in § 15-4-3605; or The qualified community development entity or any subsidiary qualified community development entity that issues a qualified equity investment certified under this subchapter fails to meet the investment requirement under § 15-4-3607(3) by the second credit allowance date of the qualified equity investment. Forfeiture of the fee under subdivision (b)(2)(A) of this section shall be subject to the six-month cure period established under § 15-4-3608. The fee required under subsection (a) of this section shall be held in the fund until compliance with the requirements of this section is established. A qualified community development entity may request a refund of the fee from the commission no sooner than thirty (30) days after having met all the requirements of this section. The Treasurer of State shall comply with a request under subdivision (c)(2)(A) of this section or give notice of noncompliance within thirty (30) days of receiving the request.
Frequently Asked Questions About Arkansas § 15-4-3609
What does Arkansas Code of 1987 Annotated § 15-4-3609 cover?
Section 15-4-3609 ("Refundable performance fee.") is part of the Arkansas Code of 1987 Annotated, the codified statutory law of Arkansas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arkansas § 15-4-3609?
A common citation format is "Arkansas Code of 1987 Annotated § 15-4-3609" (Arkansas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arkansas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arkansas official source linked on this page or consult a licensed Arkansas attorney.
How does Arkansas § 15-4-3609 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arkansas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arkansas.