1.26 Ark. Code R. 51-1011
All water conservation projects must be completed within three (3) years of the date that the Certificate of Tax Credit Approval was issued on. If the project is not completed within this three (3) year period, all credits claimed must be repaid to the Department and the project will be disallowed for any further water conservation income tax credits.
All water conservation projects must be maintained for a minimum life of ten (10) years after the Certificate of Completion for Tax Credit has been issued. If the taxpayer terminates the project at any time during the first ten (10) years, the taxpayer must notify the Commission and the Department in writing of the termination. In addition, the taxpayer must promptly file an amended income tax return after the termination and repay any tax credits claimed but not earned.
1.26 Ark. Code R. 51-1011