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13-15-303. Application for approval of qualified expenses — Certificate of completion.
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:13-15-303
Source file: gov.ar.code.title.13.odt
Pages: Not recorded – Not recorded
Passage SHA-256: f03ba2b574552829d32a8eaaba1d770dca485825af078ef77a43f207477accd6
Source location: content.xml paragraph 4074
Stored source content
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 Delta Music Trail Program.
(B) The commission shall not solicit or accept applications for the program if funds for the program are not available.
(d) At least one-third (1/3) of art projects for which qualified expenses are approved under this section shall be visible from a designated music highway.
(e)(1) Upon completion of an art project, the owner shall submit documentation required by the commission to verify that the completed art project complies with the requirements of this chapter.
(2) If the commission determines that an art project is complete and complies with the requirements of this chapter, the commission shall issue a certification of completion specifying the total amount of qualified expenses and the income tax credit allowed under this subchapter.
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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. The source passage cites 13-15-302. This identifies an authority to review, not proof of applicability.