Title 26, Taxation

(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”.

(a) Wetlands and riparian zones have significant benefits to the state. They include:(1) Flood impact mitigation by slowing storm water runoff;(2) Water quality enhancement by removing sediment, nitrogen, phosphorus, and other pollutants from surface water;(3) Habitats for fish a…

(1) As used in this subchapter:(1) “Application” means a written plan for development and operation of the project, including all requirements the Arkansas Natural Resources Commission may adopt by rule;(2) “Commission” means the Arkansas Natural Resources Commission;(3) [Repeale…

(a) There are two (2) types of tax credits available under this subchapter:(1) Wetland and riparian zone creation and restoration tax credits, which shall apply to taxable years beginning on or after January 1, 1996, and all taxable years thereafter; and(2) Wetland and riparian z…

(a) There shall be allowed a wetland and riparian zone creation and restoration tax credit against the tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., in an amount as determined in subsection (c) of this section for any taxpayer engaged in the creation or restorat…

(a) The Arkansas Natural Resources Commission is charged with the responsibility of promulgating and administering rules related to the creation, restoration, and conservation of wetlands and riparian zones with the intent of qualifying for the tax credits provided for in this su…

(a) (1) (A) Wetland and Riparian Zone Creation and Restoration Tax Credit. (B) A taxpayer wishing to obtain a wetland and riparian zone creation and restoration tax credit shall submit an application to the Department of Agriculture.(C) After review of the application under subdi…

(a) (1) All projects must be completed and properly functioning within three (3) years of the date of the certificate of tax credit approval, except if the Department of Agriculture determines that failure to comply with this subdivision (a)(1) is the result of conditions beyond …

For purposes of this subchapter, the recordkeeping provisions of § 26-18-506 requiring a taxpayer to maintain records for six (6) years after a return is filed shall be extended to require the taxpayer claiming a wetland and riparian zone creation and restoration tax credit under…

(a) Following the end of every calendar year, the Department of Finance and Administration shall compile the cumulative total amount of tax credits used pursuant to the provisions of this subchapter. (b) (1) The tax credits established by this subchapter and the availability of t…

(1) As used in this subchapter, unless the context clearly requires otherwise:(1) “Authority” means the Arkansas Development Finance Authority, or its successor agency;(2) “Eligibility statement” means a statement authorized and issued by the authority certifying that a given pro…

(a) A taxpayer owning an interest in a qualified project shall be allowed a state tax credit, to be termed the Arkansas low-income housing tax credit, if the Arkansas Development Finance Authority issues an eligibility statement for that project. For any taxpayer which is, for st…

(a) The owner of a qualified project eligible for the Arkansas low-income housing tax credit shall submit, at the time of filing the owner's income or gross premium tax return, an eligibility statement. In the case of failure to attach the eligibility statement, no Arkansas low-i…

(a) All or any portion of Arkansas low-income housing tax credit issued in accordance with the provisions of this subchapter may be transferred, sold, or assigned but only in connection with the sale or transfer of the interest in the qualified project or in the taxpayer. (b) An …

The Secretary of the Department of Finance and Administration and the Arkansas Development Finance Authority shall promulgate rules necessary to administer the provisions of this subchapter. No rule or portion of a rule promulgated under the authority of this section shall become…

(a) There shall be allowed a deduction from net income for a qualified small business net capital gain recognized on the sale of qualified small business stock for any taxable year in an amount equal to the following:(1) For qualified small business stock held for a period of fiv…

The provisions of this subchapter shall be in effect for taxable years beginning on and after January 1, 1998.

It is recognized that the reimbursement or payment by an employer of or for tuition for employee training or courses that aid in improving job skills is in the best interest of the state. Increasing the skills and abilities of the workforce allows Arkansas to compete for jobs tha…

(a) There shall be allowed a credit against the income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., equal to thirty percent (30%) of the cost of tuition reimbursed or paid by an employer on behalf of a full-time, permanent employee for the cost of tuition, book…

(1) The following types of businesses are eligible for the tax benefit provided by § 26-51-1902:(1) A manufacturer classified in sectors 31-33 in the North American Industry Classification System, as it existed on January 1, 2005;(2) A business:(A) Primarily engaged in:(i) The de…

This subchapter may be known and cited as the “Manufacturer's Investment Tax Credit Act”.

(1) As used in this subchapter:(1) “Director” means the Director of the Arkansas Economic Development Commission;(2) “Eligible business” means any person engaged in a business classified as manufacturing of paper and allied products in Standard Industrial Classification Code 2600…

(a) A recipient of benefits under this subchapter is precluded from receiving benefits under the Arkansas Enterprise Zone Act of 1993, § 15-4-1701 et seq., for the same project. (b) A recipient of benefits under this subchapter is precluded from receiving benefits under the Econo…

There is granted a credit against the state income tax liability of an eligible business of seven percent (7%) of the amount of the total project cost of any project, subject to the limit set out in § 26-51-2005.

(a) (1) In order to qualify for and receive the credits afforded by this subchapter, any eligible business undertaking a project shall submit a project plan to the Director of the Arkansas Economic Development Commission at least thirty (30) calendar days prior to the start of co…

(a) A person claiming credit under this subchapter is a “taxpayer” within the meaning of § 26-18-104 and shall be subject to all applicable provisions of § 26-18-104. (b) Administration of the provisions of this subchapter shall be under the provisions of the Arkansas Tax Procedu…

(a) The state income tax credit provided by this subchapter shall not be claimed on any income tax return filed or required by law to be filed prior to July 1, 2003. (b) State income tax credits arising under this subchapter that but for the provisions of this section would be av…

(a) A tax is imposed upon the entire income of every resident, individual, trust, or estate. The tax shall be levied, collected, and paid annually upon the entire net income as defined and computed in this chapter at the following rates, giving effect to the tax credits provided …

(a) A tax is imposed and shall be assessed, levied, collected, and paid annually at the rates specified in § 26-51-201 upon and with respect to the entire net income as defined in this chapter, except as provided in this section, from all property owned and from every business, t…

(a) The tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., shall be imposed upon resident fiduciaries, which tax shall be levied, collected, and paid annually with respect to:(1) That part of the net income of estates or trusts which has not been distributed or becom…

(a) Every railroad or other public utility, whether organized under the laws of this state or any other state or the federal government, shall be subject to the provisions of the Income Tax Act of 1929, § 26-51-101 et seq., and shall pay the state income tax levied by this subcha…