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11.1610 Limitation of exemption—Prior exemption

Cite as [A.S.C.A. 11.1610]

(a) If at the time of application the grantee is engaged in more than one business or industrial activity, the certificate of tax exemption may limit the tax exemption to the portion of the business which qualifies for tax exemption under the provisions of this chapter. The full amount of taxes, fees, duties, and levies now or hereafter imposed by the government shall remain payable with respect to business activities not enumerated in the certificate.

(b) Nothing in this chapter permits the granting of a tax exemption certificate to any person, partnership, or corporation with respect to any industrial or business activity that was granted a tax exemption prior to 1963.

(c) For the purpose of this chapter, no physical plant, facilities, inventory or any other item of investment, upon the basis of which tax exemption was granted prior to this amendment of the Industrial Incentive Act, shall be taken into consideration for the purpose of determining the minimum investments required for qualification under this chapter.

(d) Subsections(b) and(c) shall not apply where written commitments have been made with respect to the grant of a tax exemption but the tax exemption certificate has not been issued.

History: 1962, PL 7-37; 1963, PL 8-4.