The bill amends the Arkansas Historic Rehabilitation Income Tax Credit Act to increase the maximum amount of tax credits that can be issued in a fiscal year. Specifically, it raises the cap from four million dollars ($4,000,000) to eight million dollars ($8,000,000) starting in fiscal year 2022. Furthermore, it establishes a new cap of fifteen million dollars ($15,000,000) beginning in fiscal year 2024.

The changes include the deletion of the word "Beginning" and its replacement with "For" in the context of the fiscal year 2022 cap increase. Additionally, new language is inserted to specify the future cap increase for fiscal year 2024. This legislative adjustment aims to enhance the support for historic rehabilitation projects in Arkansas by providing greater financial incentives through tax credits.

Statutes affected:
SB 460: 26-51-2204(c)