(a) (1) The Division of Arkansas Heritage may charge a fee to process:(A) An application for an Arkansas major historic rehabilitation income tax credit; and(B) A request to record transfers of interests in an Arkansas major historic rehabilitation income tax credit to other holders.(2) The fee for processing an application for an Arkansas historic rehabilitation income tax credit shall not exceed the lesser of one percent (1%) of the amount of the Arkansas major historic rehabilitation income tax credit applied for or seventy-five hundredths percent (0.75%) of the amount of the Arkansas major historic rehabilitation income tax credit transferred.
(1) The Division of Arkansas Heritage may charge a fee to process:(A) An application for an Arkansas major historic rehabilitation income tax credit; and(B) A request to record transfers of interests in an Arkansas major historic rehabilitation income tax credit to other holders.
(A) An application for an Arkansas major historic rehabilitation income tax credit; and
(B) A request to record transfers of interests in an Arkansas major historic rehabilitation income tax credit to other holders.
(2) The fee for processing an application for an Arkansas historic rehabilitation income tax credit shall not exceed the lesser of one percent (1%) of the amount of the Arkansas major historic rehabilitation income tax credit applied for or seventy-five hundredths percent (0.75%) of the amount of the Arkansas major historic rehabilitation income tax credit transferred.
(b) A fee collected under this subchapter by the division shall be considered cash funds of the division and shall be used for the administration of this subchapter.