(1) The Director of the Arkansas Economic Development Commission may offer to a production company that has submitted an application under § 15-4-2007 a rebate of up to twenty percent (20%) on all qualified production costs in connection with the production of a state-certified film project.
(2) If the director approves a project for a rebate under this section, an additional rebate of ten percent (10%) shall be granted for the payroll of below-the-line employees who are full-time residents of Arkansas.
(3) To qualify for this rebate, a production company shall spend at least two hundred thousand dollars ($200,000) within a six-month period in connection with the production of one (1) project.
(4) A production rebate shall not be processed until the production company has met in full all obligations to each Arkansas institution and vendor owed for products or services in the state.