Title 26, Taxation

(a) There shall be allowed a credit against the tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., to an approved applicant that constructs and installs or restores water impoundments or water control structures of twenty (20) acre-feet or more designed for the purpo…

(a) For projects located outside critical groundwater areas, there shall be allowed a credit against the tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., to an approved applicant for the reduction of groundwater use by substitution of surface water for water used f…

(a) For projects located within critical groundwater areas, counties contiguous to counties with areas designated as critical ground water areas, and Chicot County, there shall be allowed a credit against the tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., to an a…

(a) There shall be allowed a credit against the tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., to an approved applicant for agricultural land leveling to conserve irrigation water. (b) (1) The tax credit allowed to each approved applicant shall not exceed the les…

This act shall be known and may be cited as the “Income Tax Act of 1929”.

(a) (1) The Arkansas Natural Resources Commission shall promulgate such rules as may be deemed necessary in administering projects submitted with the intent of qualifying for the tax incentives provided for in this subchapter.(2) The rules shall not be adopted without the approva…

(a) Project activities shall meet or exceed those standards as established by the Arkansas Natural Resources Commission, and the project must be maintained for a minimum life of ten (10) years after issuance of a certificate of completion. (b) Project costs incurred after issuanc…

(a) In determining net income for Arkansas income tax purposes, any approved applicant qualifying for the tax credits provided in this subchapter is also entitled to a deduction in an amount equal to the project cost less the total amount of tax credits to which the approved appl…

(a) The Department of Finance and Administration shall compile the total amount of tax credits used pursuant to the provisions of this subchapter for each calendar year. (b) (1) When the total amount of tax credits used pursuant to the provisions of this subchapter exceeds twenty…

No part or segment of this subchapter shall be interpreted to in any way alter or amend the permit requirements, reporting requirements, allocation procedures, or other requirements set forth in Title 15, Chapter 22.

(a) The income tax credits allowed under this subchapter may be transferred. (b) A transferee from an original approved applicant under this subchapter is entitled to an income tax credit under this subchapter only to the extent the income tax credit is still available to and has…

(1) As used in this chapter, unless the context otherwise requires:(1) “Corporation” includes joint-stock companies or associations and insurance companies;(2) “Domestic”, when applied to any corporation or association, including a partnership, means created or organized in the S…

No caption of any section or set of sections shall in any way affect the interpretation of the Income Tax Act of 1929, § 26-51-101 et seq., or any part thereof.

The Secretary of the Department of Finance and Administration shall administer and enforce the tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq.

(a) The Secretary of the Department of Finance and Administration, with the approval of the Governor, may appoint and remove a person to be known as the “Income Tax Director” who, under the Secretary of the Department of Finance and Administration's supervision, shall have the di…

The Secretary of the Department of Finance and Administration shall prepare and publish annually statistics reasonably available, with respect to the operation of the Income Tax Act of 1929, § 26-51-101 et seq., including amounts collected, classifications of taxpayers, income, e…

(a) All taxes, interest, penalties, and costs collected under the provisions of the Income Tax Act of 1929, § 26-51-101 et seq., shall be general revenues and shall be deposited into the State Treasury to the credit of the State Apportionment Fund. (b) The Treasurer of State, on …

(1) As used in this subchapter:(1) “Accredited institution of higher education” means a four-year public college or university that offers bachelor's degrees and is recognized by the Division of Higher Education for credit;(2) “Cost” means:(A) In the case of a donation or sale be…

(a) (1) There is granted a credit against a taxpayer's Arkansas corporate income tax or Arkansas individual income tax for the following types of donations or sales, or both, of new machinery and equipment to a qualified educational institution in connection with a qualified educ…

(a) Total credits for qualified research expenditures, donations, and sales under this subchapter shall be allowed up to one hundred percent (100%) of the net tax liability of the taxpayer after all other credits and reductions in tax have been calculated. (b) The credit shall be…

(a) To claim the credit granted by § 26-51-1102, the taxpayer shall provide the following for each piece of machinery and equipment donated, sold below cost, or purchased by a qualified educational institution with a cash donation:(1) An affidavit from the receiving qualified edu…

The Secretary of the Department of Finance and Administration, the Commissioner of the Division of Higher Education, the Director of the Division of Career and Technical Education, the Secretary of the Department of Education, and the Director of the Arkansas Economic Development…

(a) To apply for a credit under this subchapter, a taxpayer shall submit an original application and one (1) copy to the Director of the Arkansas Economic Development Commission on the forms prescribed by the director. (b) The director shall review each application submitted unde…

As used in this section, § 26-51-1202, and § 26-51-1203, “invested” includes expenditures made from the proceeds of bonds, including interim notes or other evidence of indebtedness, issued by a municipality, county, or an agency or instrumentality of a municipality, county, or th…

(a) To claim the benefits of this section, § 26-51-1201, and § 26-51-1203, a taxpayer must obtain a certification from the Director of the Arkansas Economic Development Commission certifying to the Revenue Division of the Department of Finance and Administration that the taxpayer…

(a) Taxpayers qualified under § 26-51-1202(a) and (b), entitled to a net operating loss deduction as provided in § 26-51-427, may carry forward that deduction to the next succeeding taxable year following the year of the net operating loss and annually thereafter for a total peri…

(1) As used in this section and §§ 26-51-1212 — 26-51-1214:(1) “Invested” includes expenditures made from the proceeds of bonds including interim notes or other evidence of indebtedness issued by a municipality, county, or an agency or instrumentality of a municipality, county, o…

(1) To claim the benefits of this section, § 26-51-1211, § 26-51-1213, and § 26-51-1214, a taxpayer must obtain certification prior to June 30, 1994, from the Director of the Arkansas Economic Development Commission certifying to the Revenue Division of the Department of Finance …

(a) Taxpayers qualified under § 26-51-1212(2) and entitled to a net operating loss deduction as provided in § 26-51-427 may carry forward that deduction to the next-succeeding taxable year following the year of such net operating loss and annually thereafter for a total period of…

(a) Sales of natural gas and electricity to taxpayers qualified under § 26-51-1212(1) or § 26-51-1212(2) for use in connection with the steel mill shall be exempt from the Arkansas gross receipts tax levied by the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq., and the …

(a) As used in this section, “waste reduction, reuse, or recycling equipment” means the same as defined in § 26-51-506 except that it also includes production, processing, and testing equipment used to manufacture products containing recovered materials. (b) To be eligible for th…

This subchapter may be cited as the “Winnings Withholding Act of 1987”.

(1) As used in this subchapter:(1) “Gaming winnings” means winnings from electronic games of skill based on the amount paid with respect to the wager without reduction for the amount of the wager; and(2) “Racing winnings” means winnings from live dog racing or horse racing based …

(a) Every holder of a franchise to conduct dog racing or horse racing in this state making any single payment of racing winnings on a single wagering transaction of more than one thousand dollars ($1,000), if the amount of the racing winnings is at least three hundred (300) times…

This subchapter shall be administered in accordance with the Arkansas Tax Procedure Act, § 26-18-101 et seq.

Every holder of a franchise to conduct dog racing, horse racing, or electronic games of skill shall be liable for amounts required to be deducted and withheld by this subchapter regardless of whether the amounts were in fact deducted and withheld.

Every franchise holder required to deduct and withhold income tax from racing winnings under this subchapter shall file, within sixty (60) days after the termination of its racing season, a withholding return as prescribed by the Secretary of the Department of Finance and Adminis…

(a) Every franchise holder required to deduct and withhold income tax from racing winnings under this subchapter shall file an annual statement of withholding for each person receiving racing winnings subject to withholding under this subchapter. (b) (1) The annual statement shal…

(a) Every holder of a franchise to conduct dog racing, horse racing, or electronic games of skill who fails to withhold or pay to the Secretary of the Department of Finance and Administration any sums required by this subchapter to be withheld and paid shall be personally and ind…

(a) There is levied, assessed, and collected a gaming winnings tax of three percent (3%) on any single payment of winnings from electronic games of skill of one thousand two hundred dollars ($1,200) or more paid on a single electronic game of skill wager. (b) The holder of a fran…

(a) The holder of a franchise to conduct electronic games of skill in this state shall register to withhold the gaming winnings tax under § 26-51-1309 from winnings from electronic games of skill in the manner prescribed by the Secretary of the Department of Finance and Administr…

(a) Except as otherwise specifically provided, a financial institution whose business activity is taxable both within and without this state shall allocate and apportion its net income as provided in this subchapter. All items of nonbusiness income, income that is not includable …

(1) As used in this subchapter, unless the context otherwise requires:(1) “Billing address” means the location indicated in the books and records of the taxpayer on the first day of the taxable year, or on such later date in the taxable year when the customer relationship began, …

(a) Generally. (1) (A) The receipts factor is a fraction, the numerator of which is the total receipts of the taxpayer in this state during the taxable year and the denominator of which is the total receipts of the taxpayer within and without this state during the taxable year.(B…

(a) (1) The value of real property and tangible personal property owned by the taxpayer is the original cost or other basis of such property for federal income tax purposes without regard to depletion, depreciation, or amortization.(2) (A) Loans are valued at their outstanding pr…

This subchapter may be cited as the “Arkansas Private Wetland and Riparian Zone Creation, Restoration, and Conservation Tax Credits Act”.