(a) The owner of a qualified project eligible for the Arkansas low income housing tax credit shall submit, at the time of filing the owner's income or gross premium tax return, an eligibility statement. In the case of failure to attach the eligibility statement, no Arkansas low income housing tax credit under this subchapter shall be allowed with respect to such project for that year until these copies are provided to the Department of Finance and Administration.
(b) If under 26 U.S.C. § 42, as amended, a portion of any federal low income housing tax credit taken with respect to a qualified project is required to be recaptured, the taxpayer claiming Arkansas low income housing tax credit with respect to such project shall also be required to recapture a portion of any Arkansas low income housing tax credit authorized by this subchapter. The state recapture amount shall be equal to the proportion of the Arkansas low income housing tax credit claimed by the taxpayer that equals the proportion the federal recapture amount bears to the original federal low income housing credit claimed by the taxpayer.
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