Title 26, Taxation

(a) The projected qualified rehabilitation or development expenditures must occur during a period not to exceed eighteen (18) months. (b) For the rehabilitation or development of an existing structure, the projected qualified rehabilitation or development expenditures must equal …

(a) There is allowed an investment tax credit against the tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., for any taxpayer incurring costs and expenses that are qualified rehabilitation or development expenditures of eligible central business improvement district …

(a) To claim the investment tax credit, a taxpayer shall submit the eligibility certificate issued by the governing body of the central business improvement district to the Department of Finance and Administration. (b) (1) In addition to the submission under subsection (a) of thi…

(a) (1) The amount of the investment tax credit that may be used by a taxpayer for a taxable year shall not exceed the amount of income tax due from the taxpayer.(2) Any unused investment tax credit may be carried over for five (5) consecutive taxable years for credit against the…

(a) The governing body of the central business improvement district may charge a fee of two hundred fifty dollars ($250) for the services it provides under this subchapter. (b) The fee collected under subsection (a) of this section by the governing body of the central business im…

(a) (1) The Secretary of the Department of Finance and Administration may make rules and prescribe forms for a taxpayer to claim the investment tax credit provided by this subchapter and for the proper enforcement of the claim.(2) The Department of Finance and Administration shal…

(a) (1) This subchapter takes effect only if the Chief Fiscal Officer of the State certifies that sufficient funding for this subchapter is available in the General Improvement Fund or its successor fund or fund accounts, including the Development and Enhancement Fund.(2) If the …

(a) (1) There is created the Arkansas Disaster Relief Program.(2) The Revenue Division of the Department of Finance and Administration shall include on the Arkansas individual income tax forms, including those forms on which a husband and wife file separately on the same form and…

(a) (1) The Revenue Division of the Department of Finance and Administration shall include on the Arkansas individual income tax forms, including those forms on which a husband and wife file separately on the same form, and on all corporate income tax forms, a designation as foll…

(a) This section shall be known and may be cited as the “Baby Sharon Act”. (b) There is created the Baby Sharon's Children's Catastrophic Illness Grant Program. (c) The Revenue Division of the Department of Finance and Administration shall include on the Arkansas individual incom…

(a) The Revenue Division of the Department of Finance and Administration shall include on the Arkansas individual income tax forms, including those forms on which a husband and wife file separately on the same form and on all corporate income tax forms, the opportunity to allow t…

(a) This section shall be known and may be cited as the “Military Family Relief Check-off Program”. (b) There is created the Military Family Relief Check-off Program. (c) The Revenue Division of the Department of Finance and Administration shall include on the Arkansas individual…

(a) (1) The Revenue Division of the Department of Finance and Administration shall include on the Arkansas individual income tax forms, including those forms on which a husband and wife file separately on the same form, and on all corporate income tax forms, a designation as foll…

(a) (1) It is the purpose of this section to provide a means by which an individual taxpayer may designate a portion or all of his or her income tax refund to be withheld and contributed for the purposes set forth in this section.(2) It is the intent of the General Assembly that …

(a) (1) The Revenue Division of the Department of Finance and Administration shall include on the Arkansas individual income tax forms, including those forms on which a husband and wife file separately on the same form, a designation as follows:“If you are entitled to a refund, c…

(a) (1) It is the purpose of this section to provide a means by which an individual taxpayer may designate a portion or all of his or her income tax refund to be withheld and contributed for the purposes stated in this section.(2) It is the intent of the General Assembly that the…

(a) (1) There is created the Law Enforcement Family Relief Check-off Program.(2) It is the purpose of this section to provide a means by which an individual taxpayer may designate a portion or all of his or her income tax refund to be withheld and contributed for the purposes sta…

This subchapter shall be known and may be cited as the “Arkansas Major Historic Rehabilitation Income Tax Credit Act”.

(1) As used in this subchapter:(1) “Arkansas major historic rehabilitation income tax credit” means the income tax credit allowed under this subchapter against the income tax imposed by this chapter and the premium tax levied under §§ 26-57-601 — 26-57-605;(2) “Certification of c…

(a) (1) There is allowed an income tax credit up to the amount of tax imposed by this chapter or the premium tax to a holder of an Arkansas major historic rehabilitation income tax credit.(2) The income tax credit allowed under subdivision (a)(1) of this section is allowed only o…

(a) (1) A holder shall submit the certification of completion and documents proving an assignment, if any, with the appropriate tax collection authority at the time of filing the holder's income tax return or premium tax return.(2) The appropriate tax collection authority may ref…

(a) (1) The Division of Arkansas Heritage may charge a fee to process:(A) An application for an Arkansas major historic rehabilitation income tax credit; and(B) A request to record transfers of interests in an Arkansas major historic rehabilitation income tax credit to other hold…

(a) The Division of Arkansas Heritage shall promulgate rules to implement this subchapter that shall include criteria for the prioritizing of the rehabilitation applications and that will stimulate the local economy where the property is located, including without limitation the …

(a) The Division of Arkansas Heritage shall accept applications for Arkansas major historic rehabilitation income tax credits under this subchapter beginning July 1, 2020, and ending June 30, 2030. (b) An Arkansas major historic rehabilitation income tax credit approved under an …

This subchapter shall be known and may be cited as the “Arkansas Wood Energy Products and Forest Maintenance Income Tax Credit”.

The purpose and intent of this subchapter is to increase capacity in the state for the use of mill residuals, including sawdust and wood chips, wood byproducts, including bark, and thinnings to maintain a healthy forest.

(1) As used in this subchapter:(1) “Cost” means:(A) In the case of a transfer of title or a lease agreement that is treated as a purchase by a lessee for Arkansas income tax purposes, the amount of the purchase price; and(B) In the case of a lease that is not a lease agreement th…

(a) There is allowed a tax credit against the tax imposed by this chapter in an amount equal to twenty percent (20%) of the costs of wood energy products equipment purchased for use in Arkansas after the date specified in the incentive agreement by a taxpayer that:(1) Is engaged …

This subchapter shall be known and may be cited as the “Railroad Modernization Act of 2021”.

(1) As used in this subchapter:(1) “Eligible taxpayer” means a railroad that is classified as a Class II or Class III railroad by the United States Surface Transportation Board; and(2) “Railroad track maintenance expenditures” means gross expenditures for maintenance, reconstruct…

(a) (1) Subject to the limitation stated in subdivision (a)(2) of this section, there is allowed an income tax credit against the income tax imposed by this chapter in an amount equal to fifty percent (50%) of an eligible taxpayer's railroad track maintenance expenditures.(2) The…

(a) The Department of Finance and Administration may adopt rules to implement and administer this subchapter and to enable the certification of the income tax credit amount earned by each eligible taxpayer. (b) The Department of Commerce shall adopt rules to:(1) Permit verificati…

This subchapter shall be known and may be cited as the “Sustainable Aviation Fuel Incentive Act”.

(1) As used in this subchapter:(1) “Incentive agreement” means an agreement entered into by a business and the Arkansas Economic Development Commission to provide the business an incentive to locate a new qualified sustainable aviation fuel project in the state;(2) (A) “New full-…

(a) (1) There is allowed an income tax credit against the income tax imposed by this chapter in an amount equal to thirty percent (30%) of the cost of sustainable aviation fuel production and processing equipment purchased for use in the state by a qualified manufacturer of susta…

The Secretary of the Department of Finance and Administration, the Secretary of the Department of Commerce, and the Secretary of the Department of Energy and Environment may promulgate rules to implement and administer this subchapter.

(a) As used in this section:(1) “Head of household” means the same as defined in 26 U.S.C. § 2(b), as in effect on January 1, 2011; and(2) “Surviving spouse” means the same as defined in 26 U.S.C. § 2(a), as in effect on January 1, 2011. (1) “Head of household” means the same as …

(a) The following organizations shall be exempt from taxation under the Income Tax Act of 1929, § 26-51-101 et seq.:(1) Fraternal benefit societies, orders, or associations:(A) Operating under the lodge system or for the exclusive benefit of the members of a fraternity itself ope…

Income derived from investments made by nonprofit organizations, whether or not the organization is organized or exists under the laws of this state, shall be exempt from state income tax where the income is for the sole purpose of providing pension and annuity benefits to member…

(a) (1) (A) For tax years beginning before January 1, 2007, no member of the armed services of the United States shall be liable for or required to pay any income tax on the first six thousand dollars ($6,000) of service pay or allowances.(B) (i) For tax years 2005 and 2006, enli…

(a) (1) The first six thousand dollars ($6,000) of benefits received by a resident of this state from an individual retirement account or the first six thousand dollars ($6,000) of retirement benefits received by a resident of this state from public or private employment-related …

An organization or trust described in 26 U.S.C. § 401(a), as in effect on January 1, 2009, is exempt from income taxation under the Income Tax Act of 1929, § 26-51-101 et seq.

(a) Title 26 U.S.C. § 664, as in effect on January 1, 2017, and the regulations of the United States Secretary of the Treasury promulgated under 26 U.S.C. § 664 and in effect on January 1, 2017, are adopted for the purpose of computing the tax liability of charitable remainder tr…

Title 26 U.S.C. §§ 911 and 912, as in effect on January 1, 2007, 26 U.S.C. § 911 regarding citizens or residents of the United States living abroad, and 26 U.S.C. § 912 regarding certain allowances for citizens or residents of the United States living abroad, are adopted for the …

(a) A qualified windmill blade manufacturer that meets the criteria found in subsection (b) of this section is exempt from income taxes levied under the Income Tax Act of 1929, § 26-51-101 et seq., until December 31, 2033. (b) A windmill blade manufacturer shall meet the followin…

(a) A qualified windmill blade or windmill component manufacturer that meets the criteria under this section is eligible for a limited exemption from the income taxes levied under the Income Tax Act of 1929, § 26-51-101 et seq. (b) To qualify for a limited exemption under this se…