Browse Arkansas Code titles and sections
13-15-302. Income tax credit for approved art project.
Arkansas Code — all titles (historical 2020) · legal_authorities
13-15-302. Income tax credit for approved art project.
(a) There is allowed an income tax credit against the income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., in an amount equal to the lesser of one hundred percent (100%) of the total qualified expenses stated in a certificate of completion issued by the Arkansas Delta Music Commission under § 13-15-303 or twenty-five thousand dollars ($25,000).
(b) The amount of the income tax credit under this section that may be claimed by the taxpayer in a tax year shall not exceed the amount of income tax due by the taxpayer.
(c) Any unused income tax credit under this section may be carried forward for five (5) consecutive tax years following the tax year in which the income tax credit was earned.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 13-15-302
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:13-15-302
Source file: gov.ar.code.title.13.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d44ab11ed8828f5ac861639edbd41b27b895091c060d275d7f2a2750455422e6
Source location: content.xml paragraph 4067
Stored source content
13-15-302. Income tax credit for approved art project.
(a) There is allowed an income tax credit against the income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., in an amount equal to the lesser of one hundred percent (100%) of the total qualified expenses stated in a certificate of completion issued by the Arkansas Delta Music Commission under § 13-15-303 or twenty-five thousand dollars ($25,000).
(b) The amount of the income tax credit under this section that may be claimed by the taxpayer in a tax year shall not exceed the amount of income tax due by the taxpayer.
(c) Any unused income tax credit under this section may be carried forward for five (5) consecutive tax years following the tax year in which the income tax credit was earned.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Arkansas Code — all titles (historical 2020) · legal_authorities
13-15-303. Application for approval of qualified expenses — Certificate of completion.
(a) A person may apply to the Arkansas Delta Music Commission for approval of qualified expenses for the purpose of claiming the income tax credit allowed under § 13-15-302.
(b) An application for approval of qualified expenses shall:
(1) Be for an art project that will:
(A) Stimulate regional tourism;
(B) Enhance local community development efforts;
(C) Create opportunities for Arkansas artists to showcase their work;
(D) Enhance the community where the art project will be located; and
(E) Promote awareness and encourage the enjoyment of the stories, biographies, and points of interest in blues, rock and roll, country, and gospel music throughout the Arkansas Delta;
(2) Be in the form prescribed by the commission; and
(3) Indicate the amount of qualified expenses the applicant expects to incur.
(c)(1) The commission shall not approve qualified expenses exceeding two hundred fifty thousand dollars ($250,000) in any one (1) calendar year.
(2)(A) The total amount of qualified expenses that may be approved under this subsection shall be divided among the designated music highways in proportion to each designated music highway's length as compared to the total length of all of the designated music highways.
(B) If the commission does not approve qualified expenses under this section that are equal to the amount of funds allocated to a designated music highway under subdivision (c)(2) of this section, the commission may reallocate the funds to another designated music highway to fund one (1) or more additional art projects.
(3)(A) The approval of qualified expenses under this section is contingent on the appropriation and availability of funding for the Arkansas
Source: Arkansas Code — historical release 78 (November 6, 2020) · 13-15-303
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 13-15-303. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-101. Title.
This act shall be known and may be cited as the “Income Tax Act of 1929”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-101
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 26-51-101. This identifies an authority to review, not proof of applicability.