(a) As used in this section, “qualified beer and sake” means beer and sake that:(1) Contains at least twenty percent (20%) Arkansas rice as a percentage weight of the total grain bill of the beer and sake; and(2) Is subject to the excise tax levied by § 3-5-1205(3), § 3-5-1408(3), or § 3-7-104(6)(A).
(1) Contains at least twenty percent (20%) Arkansas rice as a percentage weight of the total grain bill of the beer and sake; and
(2) Is subject to the excise tax levied by § 3-5-1205(3), § 3-5-1408(3), or § 3-7-104(6)(A).
(b) (1) A person required to report and pay tax under § 3-5-1205(3), § 3-5-1408(3), or § 3-7-104(6)(A) for qualified beer and sake is entitled to a credit against the excise tax.(2) The credit allowed under this section shall be:(A) Calculated by multiplying the percentage weight of Arkansas rice in the total grain bill of the qualified beer and sake by the excise tax due for the qualified beer and sake for the reporting period under § 3-7-401; and(B) Deducted from the excise tax due for the reporting period under § 3-7-401.
(1) A person required to report and pay tax under § 3-5-1205(3), § 3-5-1408(3), or § 3-7-104(6)(A) for qualified beer and sake is entitled to a credit against the excise tax.
(2) The credit allowed under this section shall be:(A) Calculated by multiplying the percentage weight of Arkansas rice in the total grain bill of the qualified beer and sake by the excise tax due for the qualified beer and sake for the reporting period under § 3-7-401; and(B) Deducted from the excise tax due for the reporting period under § 3-7-401.
(A) Calculated by multiplying the percentage weight of Arkansas rice in the total grain bill of the qualified beer and sake by the excise tax due for the qualified beer and sake for the reporting period under § 3-7-401; and
(B) Deducted from the excise tax due for the reporting period under § 3-7-401.