(a)
(1) The Arkansas Natural Resources Commission shall promulgate such rules and regulations as may be deemed necessary in administering projects submitted with the intent of qualifying for the tax incentives provided for in this subchapter.
(2) The rules shall not be adopted without the approval of the Department of Finance and Administration.
(b)
(1) The commission may charge a reasonable application fee for the processing of tax credit applications.
(2) All fees collected shall be deposited into the Arkansas Water Development Fund.
(c)
(1) The commission may issue a tax credit approval certificate for those applications proposing projects that meet the requirements of this subchapter and rules promulgated under this subchapter.
(2) An approved applicant must file the certificate of tax credit approval with the approved applicant's income tax return for the first year in which the approved applicant claims a tax credit under this subchapter.
(d)
(1) Upon completion of the project, the approved applicant shall apply to the commission for a certificate of completion.
(2) The commission shall issue a tax credit certificate of completion to any approved applicant meeting the requirements of this subchapter and the rules promulgated by the department.
(3) After receiving a certificate of completion, the approved applicant shall file the certificate of completion with the first tax return filed after issuance of the certificate of completion.
(e) The department shall promulgate such rules as may be deemed necessary to carry out the tax credit provisions of this subchapter.
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