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15-4-2407. Apportionment of credit amount.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-2407. Apportionment of credit amount.
In the case of a qualified manufacturer of steel as described in § 15-4-2405(a) which is:
(1) A proprietorship, partnership, or other business organization treated as a proprietorship or partnership for tax purposes, the amount of the credit determined under this subchapter for any taxable year shall be apportioned to each proprietor, partner, member, or other owner in proportion to the amount of income from the entity which the proprietor, partner, member, or other owner is required to include in gross income;
(2) A Subchapter S corporation, the amount of credit determined shall be apportioned to each Subchapter S corporation shareholder in proportion to the amount of income from the entity which the Subchapter S corporation shareholder is required to include as gross income; or
(3) An estate or trust:
(A) The amount of the credit determined for any taxable year shall be apportioned between the estate or trust and the beneficiaries on the basis of the income of the estate or trust allocable to each; and
(B) Any beneficiary to whom any amount has been apportioned under this subchapter shall be allowed, subject to the limitations contained in this subchapter, a credit under this subchapter for that amount.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-2407
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:15-4-2407
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 20fa5d564737d3961556578ac2b2c75af488fff29cccdb909dac7fe43df84848
Source location: content.xml paragraph 4271
Stored source content
15-4-2407. Apportionment of credit amount.
In the case of a qualified manufacturer of steel as described in § 15-4-2405(a) which is:
(1) A proprietorship, partnership, or other business organization treated as a proprietorship or partnership for tax purposes, the amount of the credit determined under this subchapter for any taxable year shall be apportioned to each proprietor, partner, member, or other owner in proportion to the amount of income from the entity which the proprietor, partner, member, or other owner is required to include in gross income;
(2) A Subchapter S corporation, the amount of credit determined shall be apportioned to each Subchapter S corporation shareholder in proportion to the amount of income from the entity which the Subchapter S corporation shareholder is required to include as gross income; or
(3) An estate or trust:
(A) The amount of the credit determined for any taxable year shall be apportioned between the estate or trust and the beneficiaries on the basis of the income of the estate or trust allocable to each; and
(B) Any beneficiary to whom any amount has been apportioned under this subchapter shall be allowed, subject to the limitations contained in this subchapter, a credit under this subchapter for that amount.
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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. The source passage cites 15-4-2405. This identifies an authority to review, not proof of applicability.