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15-4-3303. Eligibility for equity investment incentive.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-3303. Eligibility for equity investment incentive.
(a) Eligibility for the equity investment incentive tax credit under this subchapter is limited to investments in:
(1) Targeted businesses as defined in § 15-4-2703(43); or
(2) A business that receives assistance in the form of equity investments from capital investment funds that target early-stage businesses and start-up businesses, if the business:
(A) Pays not less than one hundred fifty percent (150%) of the lesser of the county average wage or the state average wage; and
(B) Meets at least two (2) of the following conditions:
(i) The business is in one (1) of the business sectors set forth in § 15-4-2703(43)(A)(i)-(vi);
(ii) The business is identified in a local or regional economic development plan as the type of business targeted for recruitment or growth within the community or region;
(iii) The business is supported by a resolution of the city council or quorum court in the municipality or county in which the business is located or plans to locate;
(iv) The business is supported by business incubators certified under § 26-51-815(d);
(v) The business is supported by federal small business innovation research grants; or
(vi) The business is supported by technology development or seed capital investments made by instrumentalities of the state.
(b)(1) The award of the equity investment incentive tax credit to a qualified business under subsection (a) of this section shall be determined jointly at the discretion of the Director of the Arkansas Economic Development Commission with the advice of the Board of Directors of the Division of Science and Technology of the Arkansas Economic Development Commission and the President of the Arkansas Development Finance Authority.
(2) Only cash in
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-3303
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:15-4-3303
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 63334f482d3695bdb7b8c9646998c5b19d2d881ec6f188f7483828f7595c53ed
Source location: content.xml paragraph 5932
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15-4-3303. Eligibility for equity investment incentive.
(a) Eligibility for the equity investment incentive tax credit under this subchapter is limited to investments in:
(1) Targeted businesses as defined in § 15-4-2703(43); or
(2) A business that receives assistance in the form of equity investments from capital investment funds that target early-stage businesses and start-up businesses, if the business:
(A) Pays not less than one hundred fifty percent (150%) of the lesser of the county average wage or the state average wage; and
(B) Meets at least two (2) of the following conditions:
(i) The business is in one (1) of the business sectors set forth in § 15-4-2703(43)(A)(i)-(vi);
(ii) The business is identified in a local or regional economic development plan as the type of business targeted for recruitment or growth within the community or region;
(iii) The business is supported by a resolution of the city council or quorum court in the municipality or county in which the business is located or plans to locate;
(iv) The business is supported by business incubators certified under § 26-51-815(d);
(v) The business is supported by federal small business innovation research grants; or
(vi) The business is supported by technology development or seed capital investments made by instrumentalities of the state.
(b)(1) The award of the equity investment incentive tax credit to a qualified business under subsection (a) of this section shall be determined jointly at the discretion of the Director of the Arkansas Economic Development Commission with the advice of the Board of Directors of the Division of Science and Technology of the Arkansas Economic Development Commission and the President of the Arkansas Development Finance Authority.
(2) Only cash investments shall qualify for the equity investment incentive tax credit under this subchapter, including without limitation the initial principal amount of a qualifying convertible financing structure if the convertible financing structure is required to be converted to equity by the business receiving the investment no later than five (5) years from the date the convertible financing structure was consummated.
(3) A business that seeks eligibility for an equity investment incentive tax credit under this subchapter shall sign an equity investment incentive agreement with the Arkansas Economic Development Commission.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-2703. Definitions.
As used in this subchapter:
(1) “Applied research” means any activity that applies the findings of basic research or other existing knowledge toward discovering new scientific knowledge that has specific commercial objectives with respect to new products, services, processes, or methods;
(2)(A) “Average hourly wage” means the amount obtained when payroll, as defined in this section, is divided by the number of hours worked to earn the payroll.
(B) For the purpose of subdivision (2)(A) of this section, forty (40) hours per week shall be used as the number of hours worked for a salaried employee;
(3) “Basic research” means the pursuit of new scientific knowledge or understanding that does not have specific immediate commercial objectives, although the pursuit may be in fields of present or potential commercial interest;
(4) “Contractual employee” means an employee who:
(A) May be included in the payroll calculations of a qualified business under this subchapter and is under the direct supervision of the qualified business receiving incentives under this subchapter, but is an employee of a business other than the one receiving incentives under this subchapter;
(B) Otherwise meets the requirements of a new full-time permanent employee of the qualified business receiving incentives under this subchapter; and
(C) Receives a benefits package comparable to direct employees of the qualified business receiving incentives under this subchapter;
(5)(A) “Corporate headquarters” means a facility or portion of a facility where the majority of an eligible business's financial, human resources, engineering, legal, strategic planning, information technology, corporate communications, marketing, or other headquarters-related functions are effectu
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-2703
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 15-4-2703. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-815. Computing capital gains and losses — Definitions.
(a)(1)(A) To the extent they apply to capital gains and losses realized or incurred during income years beginning after December 31, 1996, 26 U.S.C. §§ 1211 — 1231, 1232 [repealed], 1232A [repealed], 1232B [repealed], 1233 — 1237, 1239, 1240 [repealed], 1241 — 1245, 1246 [repealed], 1247 [repealed], 1248 — 1250, 1251 [repealed], and 1252 — 1257, as in effect on January 1, 2011, and the regulations of the United States Secretary of the Treasury promulgated under 26 U.S.C. §§ 1211 — 1231, 1232 [repealed], 1232A [repealed], 1232B [repealed], 1233 — 1237, 1239, 1240 [repealed], 1241 — 1245, 1246 [repealed], 1247 [repealed], 1248 — 1250, 1251 [repealed], and 1252 — 1257, as in effect on January 1, 2011, are adopted for the purpose of computing tax liability under the Income Tax Act of 1929, § 26-51-101 et seq.
(B) However, the provisions of this section shall not apply to a C corporation as defined in 26 U.S.C. § 1361, as in effect on January 1, 2011.
(2) Furthermore, any other provisions of the federal income tax law and regulations necessary for interpreting and implementing 26 U.S.C. §§ 1211 — 1231, 1232 [repealed], 1232A [repealed], 1232B [repealed], 1233 — 1237, 1239, 1240 [repealed], 1241 — 1245, 1246 [repealed], 1247 [repealed], 1248 — 1250, 1251 [repealed], and 1252 — 1257 are adopted to that extent and as in effect on January 1, 2007.
(b)(1) Except as otherwise provided in this subsection, if a taxpayer has a net capital gain for tax years beginning on and after January 1, 1999, thirty percent (30%) of the gain is exempt from state income tax.
(2) If a taxpayer has a net capital gain, the following portion of the gain is exempt from state income tax:
(A) From January 1, 2015, through Januar
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-815
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 26-51-815. This identifies an authority to review, not proof of applicability.