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15-4-3603. New market tax credit.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-3603. New market tax credit.
(a) A corporation, limited liability company, association, partnership, or other business entity that makes a qualified equity investment earns a vested right to a tax credit against state premium tax liability.
(b) The tax credit established under subsection (a) of this section may be utilized as follows:
(1) On each credit allowance date of the qualified equity investment, the corporation, limited liability company, association, partnership, or other business entity or the subsequent holder of the qualified equity investment may utilize a portion of the tax credit during the taxable year that includes the credit allowance date;
(2) The tax credit amount shall be equal to the applicable percentage for the credit allowance date multiplied by the purchase price paid to the issuer of the qualified equity investment;
(3) The amount of the tax credit claimed by a corporation, limited liability company, association, partnership, or other business entity shall not exceed the state premium tax liability owed by the taxpayer that files the premium tax report for the tax year for which the tax credit is claimed; and
(4) The tax credit is payable only from the general revenues derived from the nonallocated portion of the state premium tax liability funds as described in § 26-57-611.
(c) Any unused portion of a tax credit established under this section may be carried forward for nine (9) consecutive tax years.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-3603
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:15-4-3603
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 0474cc38829edb9e1dba10729dc8755130679eb401baaa888aa831868f2fac15
Source location: content.xml paragraph 6323
Stored source content
15-4-3603. New market tax credit.
(a) A corporation, limited liability company, association, partnership, or other business entity that makes a qualified equity investment earns a vested right to a tax credit against state premium tax liability.
(b) The tax credit established under subsection (a) of this section may be utilized as follows:
(1) On each credit allowance date of the qualified equity investment, the corporation, limited liability company, association, partnership, or other business entity or the subsequent holder of the qualified equity investment may utilize a portion of the tax credit during the taxable year that includes the credit allowance date;
(2) The tax credit amount shall be equal to the applicable percentage for the credit allowance date multiplied by the purchase price paid to the issuer of the qualified equity investment;
(3) The amount of the tax credit claimed by a corporation, limited liability company, association, partnership, or other business entity shall not exceed the state premium tax liability owed by the taxpayer that files the premium tax report for the tax year for which the tax credit is claimed; and
(4) The tax credit is payable only from the general revenues derived from the nonallocated portion of the state premium tax liability funds as described in § 26-57-611.
(c) Any unused portion of a tax credit established under this section may be carried forward for nine (9) consecutive tax years.
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Arkansas Code — all titles (historical 2020) · legal_authorities
26-57-611. Disposition of nonallocated funds.
The Insurance Commissioner shall deposit all premium taxes collected under this subchapter that are not allocated and appropriated for the various funds under the Workers' Compensation Law, § 11-9-101 et seq., for the Arkansas Fire and Police Pension Review Board and firemen's relief and pension funds under § 24-11-809 and for the Arkansas Fire and Police Pension Review Board and policemen's pension and relief funds under § 24-11-301 into the State Treasury as general revenues.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-57-611
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 26-57-611. This identifies an authority to review, not proof of applicability.