(a) (1) (A) Wetland and Riparian Zone Creation and Restoration Tax Credit.

(B) A taxpayer wishing to obtain a wetland and riparian zone creation and restoration tax credit shall submit an application to the Arkansas Natural Resources Commission.

(C) Upon receipt of the application, the commission shall make the application available to the Private Wetland and Riparian Zone Creation, Restoration, and Conservation Committee for its review and comment.

(D) After review of the committee comments, the commission may issue a wetland and riparian zone creation and restoration tax credit approval certificate for those applications proposing projects that meet the requirements of this subchapter and rules promulgated thereunder.

(2)

(A) Project costs incurred after issuance of a wetland and riparian zone creation and restoration tax credit approval certificate may be claimed for a wetland and riparian zone creation and restoration tax credit, subject to the limitations in § 26-51-1505.

(B) A taxpayer must file the certificate of wetland and riparian zone creation and restoration tax credit approval with the taxpayer's income tax return for the first year in which the taxpayer claims a tax credit under this subchapter.

(3)

(A) Upon completion and proper functioning of the project, the commission shall issue a certificate of completion.

(B) A taxpayer must file the certificate of completion with the first tax return filed after issuance of the certificate of completion.

(b) (1) (A) Wetland and Riparian Zone Conservation Tax Credit.

(B) An eligible donor wishing to obtain a wetland and riparian zone conservation tax credit shall submit an application to the commission.

(C) Upon receipt of the application, the commission shall make the application available to the committee for its review and comment. The committee's review shall include the following considerations:

(i) Whether the appraisal of the qualified real property interest meets the minimum standards of the Uniform Standards of Professional Appraisal Practice and the Internal Revenue Service requirements for a qualified appraisal;

(ii) Whether the qualified real property interest's valuation does not appear to be manifestly abusive;

(iii) Whether the conservation purpose of the donation complies with the requirements of a qualified conservation purpose and contributes to the wetland and riparian zone benefits in § 26-51-1502;

(iv) Whether the real property interest meets the requirements for a qualified real property interest; and

(v) Whether the donee of the qualified real property interest meets the requirements of an eligible donee.

(D) After review of the committee comments, the commission may issue a wetland and riparian zone conservation tax credit approval certificate for those applications that meet the requirements of this subchapter and the rules promulgated under this subchapter.

(2)

(A) An eligible donor may apply for conditional approval of a wetland and riparian zone conservation tax credit before a qualified real property interest donation has been recorded.

(B) If conditional approval of a wetland and riparian zone conservation tax credit is granted, the application must be resubmitted to the commission after the qualified real property interest donation has been recorded for the limited purpose of demonstrating conformity with the originally submitted draft documents.

(3)

(A) If the commission denies approval of a wetland and riparian zone conservation tax credit, it shall provide a brief written statement to the applicant of the reason for a decision to deny approval.

(B) When a problem identified by the commission is remedied, an eligible donor may resubmit the application for approval of the wetland and riparian zone conservation tax credit.

(4) A decision on an application for approval or conditional approval of a wetland and riparian zone conservation tax credit or on a resubmission of a conditionally approved or previously denied application shall be issued in the order in which the completed applications or resubmissions are received.

(5) For good cause shown, the Department of Finance and Administration may review and either accept or reject in whole or in part any wetland and riparian zone conservation tax credit claimed by a taxpayer and may require information from a taxpayer regarding the:

(A) Appraisal value of the qualified real property interest;

(B) Amount of the wetland and riparian zone conservation tax credit;

(C) Validity of the wetland and riparian zone conservation tax credit; and

(D) Other relevant matters.