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15-4-2405. Extension of recycling tax credit — Postconsumer waste.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-2405. Extension of recycling tax credit — Postconsumer waste.
(a)(1) A qualified manufacturer of steel which has been certified by the Executive Director of the Arkansas Economic Development Commission after January 1, 2001, and prior to December 31, 2006, as qualifying for the benefits of this subchapter and has qualified for the income tax credit for the purchase of waste reduction, reuse, or recycling equipment provided by § 26-51-506, may carry forward any unused income tax credit earned under § 26-51-506 for a period of fourteen (14) consecutive years following the taxable year in which the credit originated.
(2) Income tax credits which would otherwise expire during that period shall first be used.
(b) In the case of a qualified manufacturer of steel as described in subsection (a) of this section:
(1) The term “waste reduction, reuse, or recycling equipment” as defined in § 26-51-506 shall include production, processing, and testing equipment used to manufacture products containing recovered materials; and
(2)(A) The provisions of § 26-51-506(d)(4) shall not apply.
(B) However, the qualified manufacturer of steel shall make a good faith effort to use recovered materials containing Arkansas post-consumer waste as a part of the materials used.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-2405
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:15-4-2405
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d2497b34545a5dd23a5d2e627f72959d07f2edb6ec5d3a2a7181af8786a29fc2
Source location: content.xml paragraph 4242
Stored source content
15-4-2405. Extension of recycling tax credit — Postconsumer waste.
(a)(1) A qualified manufacturer of steel which has been certified by the Executive Director of the Arkansas Economic Development Commission after January 1, 2001, and prior to December 31, 2006, as qualifying for the benefits of this subchapter and has qualified for the income tax credit for the purchase of waste reduction, reuse, or recycling equipment provided by § 26-51-506, may carry forward any unused income tax credit earned under § 26-51-506 for a period of fourteen (14) consecutive years following the taxable year in which the credit originated.
(2) Income tax credits which would otherwise expire during that period shall first be used.
(b) In the case of a qualified manufacturer of steel as described in subsection (a) of this section:
(1) The term “waste reduction, reuse, or recycling equipment” as defined in § 26-51-506 shall include production, processing, and testing equipment used to manufacture products containing recovered materials; and
(2)(A) The provisions of § 26-51-506(d)(4) shall not apply.
(B) However, the qualified manufacturer of steel shall make a good faith effort to use recovered materials containing Arkansas post-consumer waste as a part of the materials used.
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Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-506. Tax credit for waste reduction, reuse, or recycling equipment — Eligibility — Definitions.
(a) The intent and purpose of this section is to increase capacity in the State of Arkansas for the use of recovered materials.
(b) As used in this section:
(1) “Cost”, in the case of a transfer of title or a finance lease, means the amount of the purchase price, and, in the case of a lease which is not a finance lease but which otherwise qualifies as a purchase under this section, means the amount of the lease payments due to be paid during the term of the lease after deducting any portion of the lease payments attributable to interest, insurance, and taxes;
(2) “Equipment to service waste reduction, reuse, or recycling equipment” means expenditures, machinery, or equipment that keeps existing machinery or equipment in running order by providing repair, maintenance, adjustment, inspection, or supplies;
(3) “Finance lease” means a lease agreement which is treated as a purchase by a lessee for Arkansas income tax purposes;
(4) “Home scrap” means materials or by-products generated from and commonly reused within an original manufacturing process;
(5) “Maintenance” means expenditures, machinery, or equipment used to keep existing machinery or equipment in a condition that approaches or equates to its original condition;
(6) “Motor vehicle” means a vehicle or trailer that is licensed, or that normally would be licensed, for use on highways in Arkansas;
(7) “Postconsumer waste” means products or other materials generated by a business, governmental entity, or consumer which have served their intended end use and have been recovered from or otherwise diverted from the solid waste stream for the purpose of recycling;
(8) “Preconsumer material” means materia
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-506
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 26-51-506. This identifies an authority to review, not proof of applicability.