Title 26, Taxation

(a) As used in this section, “human organ” means all or part of a human's liver, pancreas, kidney, intestine, lung, or bone marrow. (b) In computing net income, a taxpayer may deduct up to ten thousand dollars ($10,000) if, while living, the taxpayer or the taxpayer's dependent w…

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

The purpose of this subchapter is to encourage economic development and community revitalization within existing state and federal infrastructure by providing an income tax credit to promote the rehabilitation of historic structures throughout Arkansas.

(1) As used in this subchapter:(1) “Arkansas historic rehabilitation income tax credit” means an income tax credit against the income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., and the premium tax levied under §§ 26-57-601 — 26-57-605 that includes:(A) An inc…

(a) (1) There is allowed an income tax credit up to the amount of tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., or the premium tax to a holder of an Arkansas historic rehabilitation income tax credit.(2) Beginning March 20, 2015, the income tax credit allowed un…

(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 historic rehabilitation income tax credit; and(B) A request to record transfers of interests in an Arkansas historic rehabilitation income tax credit to other holders.(2) The …

(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 …

This subchapter is effective for tax years beginning on or after January 1, 2009, and ending on or before December 31, 2037.

This subchapter may be cited as the “Lottery Withholding Act”.

(1) As used in this subchapter:(1) “Claim center” means a claim center established by the Office of the Arkansas Lottery under § 23-115-207;(2) “Lottery” means the same as defined in § 23-115-103; and(3) “Lottery winnings” means the proceeds of a lottery prize based on the total …

(a) This subchapter shall be administered in accordance with the Arkansas Tax Procedure Act, § 26-18-101 et seq. (b) The Secretary of the Department of Finance and Administration shall make and prescribe such rules and forms as he or she deems necessary to administer this subchap…

(a) A claim center making a payment of lottery winnings on a single lottery ticket of more than five thousand dollars ($5,000) shall deduct and withhold an amount equal to seven percent (7%) of each payment of the lottery winnings. (b) The amount deducted and withheld under this …

(a) A claim center shall register to withhold income tax under § 26-51-2304 from lottery winnings in the manner prescribed by the Secretary of the Department of Finance and Administration. (b) The withholding account used to report and remit the withholding on wages shall not be …

(a) (1) The Office of the Arkansas Lottery is liable for amounts required to be deducted and withheld by a claim center under this subchapter regardless of whether the amounts were in fact deducted or withheld.(2) Any sum withheld in accordance with this subchapter is deemed to b…

This subchapter shall be known and may be cited as the “Arkansas Central Business Improvement District Rehabilitation and Development Investment Tax Credit Act”.

The purpose of this subchapter is to encourage economic development within central business improvement districts by promoting the rehabilitation and development of structures within the central business improvement districts.

(1) As used in this subchapter:(1) “Central business improvement district” means the central business district of any municipality of the first class or municipality of the second class of the state that has been designated as a central business improvement district under the Cen…

(a) To apply for a designation as a qualified project, a taxpayer shall submit to the governing body of the central business improvement district where the property to be rehabilitated or developed is located all forms and fees required by the governing body of the central busine…

(a) After a property to be rehabilitated or developed is designated a qualified project under § 26-51-2404 and the taxpayer completes the rehabilitation or development work, the taxpayer shall submit to the governing body of the central business improvement district where the eli…

(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.