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15-4-1223. Exemption from certain taxes.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-1223. Exemption from certain taxes.
(a)(1) County or regional industrial development companies shall be exempt from taxation under the Income Tax Act of 1929, § 26-51-101 et seq., and from the payment of any other income taxes levied by a county or a municipality.
(2) Dividends on stock or distributions with respect to units of interest of any such company pursuant to § 15-4-1215 shall be exempt from all state, county, or municipal income tax.
(3) Interest on bonds, notes, or other obligations of any company issued under and in accordance with the provisions of this subchapter shall be exempt from all state, county, or municipal income taxes.
(b) Corporations and limited liability companies shall file income tax returns each year at the time provided for the filing of corporate or partnership income tax returns, respectively.
(c) A company claiming exemption from income tax under this section shall attach to the return required in subsection (b) of this section a certification from the Bank Commissioner stating that the company has been incorporated or organized and is operating as a corporation or limited liability company in accordance with the provisions of this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-1223
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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Record provenance
Stable record: arkansas_code:legal_authorities:15-4-1223
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: cc986712fe98495285cffadae2fdb5433cd1e8b2c1e4f033afc4223f36c22231
Source location: content.xml paragraph 2958
Stored source content
15-4-1223. Exemption from certain taxes.
(a)(1) County or regional industrial development companies shall be exempt from taxation under the Income Tax Act of 1929, § 26-51-101 et seq., and from the payment of any other income taxes levied by a county or a municipality.
(2) Dividends on stock or distributions with respect to units of interest of any such company pursuant to § 15-4-1215 shall be exempt from all state, county, or municipal income tax.
(3) Interest on bonds, notes, or other obligations of any company issued under and in accordance with the provisions of this subchapter shall be exempt from all state, county, or municipal income taxes.
(b) Corporations and limited liability companies shall file income tax returns each year at the time provided for the filing of corporate or partnership income tax returns, respectively.
(c) A company claiming exemption from income tax under this section shall attach to the return required in subsection (b) of this section a certification from the Bank Commissioner stating that the company has been incorporated or organized and is operating as a corporation or limited liability company in accordance with the provisions of this subchapter.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-1215. Dividends and distributions.
(a) The directors of a corporation, subject to such limitations as may be set forth in the articles of incorporation or bylaws of the corporation, may declare dividends to the holders of its stock and make partial distribution of its capital surplus pursuant to the provisions of the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq.
(b) The management committee of a limited liability company, subject to such limitations as may be set forth in the articles of organization or the operating agreement, may declare distributions to the holders of the units of interest in the limited liability company consistent with the provisions of the Small Business Entity Tax Pass Through Act, § 4-32-101 et seq.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-1215
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 15-4-1215. 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.