(a) Subject to the requirements and limitations of this section, the Arkansas Economic Development Commission shall issue letter rulings regarding the tax credit program authorized under this subchapter.
(b)
(1) The commission shall respond to a request for a letter ruling within sixty (60) days of receiving the request.
(2)
(A) However, the commission may deny a request for a letter ruling for good cause.
(B) If the commission denies a request for a letter ruling for good cause, it shall list the specific reasons for refusing to issue the letter ruling.
(C) Good cause for denying a request for a letter ruling under this subsection includes without limitation the following:
(i) The applicant requests the commission to determine whether a statute is constitutional or a regulation is lawful;
(ii) The request involves a hypothetical situation or alternative plans;
(iii) The facts or issues presented in the request are unclear, overbroad, insufficient, or otherwise inappropriate as a basis upon which to issue a letter ruling; and
(iv) The issue is currently being considered in a rulemaking procedure, contested case, or other agency or judicial proceeding that may resolve the issue.
(3) In rendering letter rulings under this subchapter, the commission shall look for guidance to 26 U.S.C. § 45D and 26 C.F.R. § 1.45D-1, as they existed on January 1, 2013, and to the extent they are applicable.
(c) An applicant may:
(1) Provide a draft letter ruling for the commission's consideration; and
(2) Withdraw a request for a letter ruling, in writing, before the issuance of the letter ruling.
(d) Letter rulings bind all state agencies, including the commission and the commission's agents and successors until the qualified community development entity or its shareholders, members, or partners claim all of the applicable tax credits under this subchapter on a Arkansas tax return or report.
(e)
(1) A letter ruling issued under this section applies only to the applicant that requested the letter ruling.
(2) However, a taxpayer identified in a letter ruling may rely on the letter ruling to the extent the letter ruling applies to the taxpayer.
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