What is the process for getting approved under the EITC Program?

The applicant first fills out an application and returns it to AEDC. AEDC reviews the application for compliance with program requirements. AEDC and the Arkansas Department of Finance Authority (ADFA) arrange an in-person, “investor pitch” type of meeting to allow the applicant, AEDC, and ADFA the ability to have an interactive dialogue about the project. At that point, AEDC and ADFA decide if the company and its project should be offered this incentive. This is a discretionary incentive, so approval is based on more than meeting minimum requirements.

Who receives the credit when it is issued?

The credits are issued to investors in the company and are designed to help the company attract the investment under terms and conditions not available without the incentive provided by the credit.

Is the credit transferable, and how many times can the credit be sold/transferred?

The credit can be sold only once and must be sold within one year of its issuance. Otherwise, it can only be used to offset State of Arkansas income tax liability.

How many times can I apply for approval under this incentive program?

There is no restriction on how many times a potential applicant may apply, but AEDC will review a “re-applicant’s” performance level against the projections it previously provided when it first received approval.