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15-5-1302. Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-1302. Definitions.
As used in this subchapter:
(1) “Affordable housing assistance activities” means money, real, or personal property expended or devoted to the construction or rehabilitation of affordable housing units developed by or in conjunction with any governmental unit or not-for-profit corporation, such costs to include related site and infrastructure costs and community and supportive services;
(2) “Affordable housing unit” means:
(A) For purposes of rental units, a housing unit or units which have restricted rents that do not exceed thirty percent (30%) of median income for the metropolitan area or county in which the project is located for:
(i) At least forty percent (40%) of its units, which must be occupied by persons or families having incomes of sixty percent (60%) or less of the median income for the metropolitan area or county in which the project is located; or
(ii) For at least twenty percent (20%) of its units, which must be occupied by persons or families having incomes of fifty percent (50%) or less of the median income for the metropolitan area or county in which the project is located;
(B) In the case of owner-occupied units, a housing unit which is sold to a purchaser:
(i) Whose family income does not exceed one hundred fifteen percent (115%) of the median income, adjusted for family size, of the county of standard metropolitan statistical area at the time of the initial purchase contract;
(ii) Who has not owned a home for three (3) years prior to initial occupancy; and
(iii) Who will occupy the housing unit as the family's principal residence;
(C) In the case of rental units, the cost to the occupant shall be considered the amount of the gross rent; and
(D) For purposes of owner-occupied units, the Arkansas Developm
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-1302
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:15-5-1302
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 8e9fb32ac267464bd5ae789720fd8e210b01e2a67b9426dbfc3574b8c569115c
Source location: content.xml paragraph 9084
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15-5-1302. Definitions.
As used in this subchapter:
(1) “Affordable housing assistance activities” means money, real, or personal property expended or devoted to the construction or rehabilitation of affordable housing units developed by or in conjunction with any governmental unit or not-for-profit corporation, such costs to include related site and infrastructure costs and community and supportive services;
(2) “Affordable housing unit” means:
(A) For purposes of rental units, a housing unit or units which have restricted rents that do not exceed thirty percent (30%) of median income for the metropolitan area or county in which the project is located for:
(i) At least forty percent (40%) of its units, which must be occupied by persons or families having incomes of sixty percent (60%) or less of the median income for the metropolitan area or county in which the project is located; or
(ii) For at least twenty percent (20%) of its units, which must be occupied by persons or families having incomes of fifty percent (50%) or less of the median income for the metropolitan area or county in which the project is located;
(B) In the case of owner-occupied units, a housing unit which is sold to a purchaser:
(i) Whose family income does not exceed one hundred fifteen percent (115%) of the median income, adjusted for family size, of the county of standard metropolitan statistical area at the time of the initial purchase contract;
(ii) Who has not owned a home for three (3) years prior to initial occupancy; and
(iii) Who will occupy the housing unit as the family's principal residence;
(C) In the case of rental units, the cost to the occupant shall be considered the amount of the gross rent; and
(D) For purposes of owner-occupied units, the Arkansas Development Finance Authority shall establish the requirements for an affordable housing unit to be consistent with guidelines established under the federal HOME Investment Partnerships Program;
(3) “Authority” means the Arkansas Development Finance Authority or its successor agency;
(4) “Business firm” means:
(A) A person;
(B) A general or limited partnership;
(C) A partner in such partnership;
(D) A corporation;
(E) A limited liability company or a member thereof;
(F) A shareholder in an S corporation subject to the state income tax imposed by the provisions of §§ 26-51-101 — 26-51-1510;
(G) An insurance company paying an annual tax on its gross premium receipts in this state; or
(H) A financial institution paying income taxes to the State of Arkansas;
(5) [Repealed.]
(6) “Governmental unit” means:
(A) The State of Arkansas;
(B) Any county, municipality, or other political subdivision of the State of Arkansas; and
(C) Any agency, board, commission, or instrumentality of any of the foregoing;
(7) “Neighborhood organization” means any organization performing community services or economic development activities in the State of Arkansas and:
(A) Holding a ruling from the Internal Revenue Service that the organization is exempt from income taxation under the provisions of the Internal Revenue Code, 26 U.S.C. § 1 et seq.;
(B) Incorporated in the State of Arkansas as a not-for-profit corporation; or
(C) Designated as a community development corporation by the United States Government under the provisions of Title VII of the Economic Opportunity Act of 1964, 42 U.S.C. § 2701 et seq. [repealed]; and
(8) “S corporation” means a corporation described in 26 U.S.C. § 1361(a)(1).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of—
(1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and
(2) every surviving spouse (as defined in section 2(a)),
a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000.
**(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000.
**(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 1. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 25
TITLE 26—INTERNAL REVENUE CODE
§ 1
1 Section catchline amended by Pub. L. 95–30 without cor-
responding amendment of analysis.
2014—Pub. L. 113–295, div. A, title II, § 221(a)(12)(A),
Dec. 19, 2014, 128 Stat. 4038, struck out part VII ‘‘Envi-
ronmental tax’’.
1989—Pub. L. 101–234, title I, § 102(a), Dec. 13, 1989, 103
Stat. 1980, repealed Pub. L. 100–360, § 111, and provided
that the provisions of law amended by such section are
restored or revived as if such section had not been en-
acted, see 1988 Amendment note below.
1988—Pub. L. 100–360, title I, § 111(c), July 1, 1988, 102
Stat. 697, added part VIII ‘‘Supplemental medicare pre-
mium’’.
1986—Pub. L. 99–499, title V, § 516(b)(5), Oct. 17, 1986,
100 Stat. 1771, added part VII.
1976—Pub. L. 94–455, title XIX, § 1901(b)(2), Oct. 4, 1976,
90 Stat. 1792, struck out part V ‘‘Tax surcharge’’.
1969—Pub. L. 91–172, title III, § 301(b)(1), Dec. 30, 1969,
83 Stat. 585, added part VI.
1968—Pub. L. 90–364, title I, § 102(d), June 28, 1968, 82
Stat. 259, added part V.
PART I—TAX ON INDIVIDUALS
Sec.
1.
Tax imposed.
2.
Definitions and special rules.
3.
Tax tables for individuals having taxable in-
come of less than $20,000.1
[4.
Repealed.]
5.
Cross references relating to tax on individ-
uals.
Editorial Notes
AMENDMENTS
1976—Pub. L. 94–455, title V, § 501(c)(1), Oct. 4, 1976, 90
Stat. 1559, substituted ‘‘Tax tables for individuals hav-
ing taxable income of less than $20,000’’ for ‘‘Optional
tax tables for individuals’’ in item 3 and struck out
item 4 relating to rules for optional tax.
1969—Pub. L. 91–172, title VIII, § 803(d)(9), Dec. 30, 1969,
83 Stat. 685, substituted ‘‘Definitions and special rules’’
and ‘‘Optional tax tables for individuals’’ for ‘‘Tax in
case of joint return or return
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 1
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 1. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
**(a) S corporation defined**
(1) **In general** — For purposes of this title, the term “S corporation” means, with respect to any taxable year, a small business corporation for which an election under section 1362(a) is in effect for such year.
(2) **C corporation** — For purposes of this title, the term “C corporation” means, with respect to any taxable year, a corporation which is not an S corporation for such year.
**(b) Small business corporation**
(1) **In general** — For purposes of this subchapter, the term “small business corporation” means a domestic corporation which is not an ineligible corporation and which does not—
(A) have more than 100 shareholders,
(B) have as a shareholder a person (other than an estate, a trust described in subsection (c)(2), or an organization described in subsection (c)(6)) who is not an individual,
(C) have a nonresident alien as a shareholder, and
(D) have more than 1 class of stock.
(2) **Ineligible corporation defined** — For purposes of paragraph (1), the term “ineligible corporation” means any corporation which is—
(A) a financial institution which uses the reserve method of accounting for bad debts described in section 585,
(B) an insurance company subject to tax under subchapter L, or
(C) a DISC or former DISC.
(3) **Treatment of certain wholly owned subsidiaries**
(A) *In general* — Except as provided in regulations prescribed by the Secretary, for purposes of this title—
(i) a corporation which is a qualified subchapter S subsidiary shall not be treated as a separate corporation, and
(ii) all assets, liabilities, and items of income, deduction, and credit of a qualified subchapter S subsidiary shall be treated as assets, liabilities, and such items (as the case may be) of the S corp
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1361
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 1361. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 2439
TITLE 26—INTERNAL REVENUE CODE
§ 1361
later date as the Secretary may designate on
application by the taxpayer.
Such application shall be made at such time and
in such manner as the Secretary may by regula-
tions prescribe.
(c) Application of section to noncorporate opera-
tors
For purposes of this section, the term ‘‘quali-
fying vessel operator’’ includes any person who
would be a qualifying vessel operator were such
person a corporation.
(d) Time for assessment of deficiency attrib-
utable to gain
If a qualifying vessel operator has made the
election provided in subsection (a), then—
(1) the statutory period for the assessment of
any deficiency, for any taxable year in which
any part of the gain is realized, attributable to
such gain shall not expire prior to the expira-
tion of 3 years from the date the Secretary is
notified by such operator (in such manner as
the Secretary may by regulations prescribe) of
the replacement qualifying vessel or of an in-
tention not to replace, and
(2) such deficiency may be assessed before
the expiration of such 3-year period notwith-
standing the provisions of section 6212(c) or
the provisions of any other law or rule of law
which would otherwise prevent such assess-
ment.
(e) Basis of replacement qualifying vessel
In the case of any replacement qualifying ves-
sel purchased by the qualifying vessel operator
which resulted in the nonrecognition of any part
of the gain realized as the result of a sale or
other disposition of a qualifying vessel, the basis
shall be the cost of the replacement qualifying
vessel decreased in the amount of the gain not
so recognized; and if the property purchased
consists of more than one piece of property, the
basis determined under this sentence shall be al-
locat
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 1361
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 1361. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Powers of nonprofit corporation; additional powers** To the extent consistent with the provisions of this subchapter, the Corporation shall exercise the powers conferred upon a nonprofit corporation by the District of Columbia Nonprofit Corporation Act (except for section 1005(o) of title 29 of the District of Columbia Code). In addition, the Corporation is authorized—
(1)
(A) to provide financial assistance to qualified programs furnishing legal assistance to eligible clients, and to make grants to and contracts with—
(i) individuals, partnerships, firms, corporations, and nonprofit organizations, and
(ii) State and local governments (only upon application by an appropriate State or local agency or institution and upon a special determination by the Board that the arrangements to be made by such agency or institution will provide services which will not be provided adequately through non-governmental arrangements),
for the purpose of providing legal assistance to eligible clients under this subchapter, and (B) to make such other grants and contracts as are necessary to carry out the purposes and provisions of this subchapter;
(2) to accept in the name of the Corporation, and employ or dispose of in furtherance of the purposes of this subchapter, any money or property, real, personal, or mixed, tangible or intangible, received by gift, devise, bequest, or otherwise; and
(3) to undertake directly, or by grant or contract, the following activities relating to the delivery of legal assistance—
(A) research, except that broad general legal or policy research unrelated to representation of eligible clients may not be undertaken by grant or contract,
(B) training and technical assistance, and
(C) to serve as a clearinghouse for information.
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 2701
Stored review status: release_metadata_unconfirmed. The source passage cites 42 U.S.C. § 2701. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 5622
TITLE 42—THE PUBLIC HEALTH AND WELFARE
§ 2701
Sec.
SUBCHAPTER III—SPECIAL PROGRAMS TO
COMBAT POVERTY IN RURAL AREAS
PART A—RURAL LOAN PROGRAM
2841, 2851 to 2856. Repealed.
PART B—ASSISTANCE
FOR MIGRANT, AND OTHER SEA-
SONALLY EMPLOYED FARMWORKERS AND THEIR FAMI-
LIES
2861 to 2865. Repealed.
PART C—DURATION OF PROGRAM
2871.
Repealed.
PART D—INDEMNITY PAYMENTS TO DAIRY FARMERS
2881.
Repealed.
SUBCHAPTER
IV—ASSISTANCE
FOR
MIGRANT
AND OTHER SEASONALLY EMPLOYED FARM-
WORKERS AND THEIR FAMILIES
2901 to 2907. Repealed.
SUBCHAPTER V—HEADSTART AND FOLLOW
THROUGH
2921 to 2925. Repealed or Omitted.
PART A—HEADSTART PROGRAMS
2928 to 2928n. Repealed or Omitted.
PART B—FOLLOW THROUGH PROGRAMS
2929 to 2929c. Repealed.
PART C—GENERAL PROVISIONS
2930 to 2930f. Repealed.
PART D—DAY CARE PROJECTS
2931 to 2933. Repealed.
SUBCHAPTER VI—ADMINISTRATION AND
COORDINATION
PART A—ADMINISTRATION
2941 to 2951, 2961 to 2971g. Repealed.
PART B—COORDINATION
2972 to 2980. Repealed.
SUBCHAPTER VII—COMMUNITY ECONOMIC
DEVELOPMENT
2981 to 2981c. Repealed.
PART A—URBAN AND RURAL SPECIAL IMPACT
PROGRAMS
2982 to 2982d. Repealed or Omitted.
PART B—SPECIAL RURAL PROGRAMS
2983 to 2983b. Repealed.
PART C—DEVELOPMENT LOANS TO COMMUNITY
ECONOMIC DEVELOPMENT PROGRAMS
2984 to 2984b. Repealed or Omitted.
PART D—SUPPORTIVE PROGRAMS AND ACTIVITIES
2985 to 2985g. Repealed.
SUBCHAPTER VIII—NATIVE AMERICAN
PROGRAMS
2991.
Short title.
2991a.
Congressional statement of purpose.
2991b.
Financial assistance for Native American
projects.
2991b–1.
Loan fund; demonstration project.
2991b–2.
Establishment of Administration for Native
Americans.
2991b–3.
Grant program to ensure survival and con-
tinuing vitality of Native American lan-
guages.
Sec.
2991c.
Source: Supplied 2024 U.S. Code historical extraction · 42 U.S.C. § 2701
Stored review status: historical_2024_not_currentness_verified. The source passage cites 42 U.S.C. § 2701. 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.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-1510. Annual compilation of credits — Expiration of subchapter — Tax credit availability.
(a) Following the end of every calendar year, the Department of Finance and Administration shall compile the cumulative total amount of tax credits used pursuant to the provisions of this subchapter.
(b)(1) The tax credits established by this subchapter and the availability of those tax credits shall expire on December 31 of the calendar year following the calendar year in which the tax credits used pursuant to the provisions of this subchapter exceed five hundred thousand dollars ($500,000).
(2) However, any taxpayer having been issued a certificate of tax credit approval on or prior to such December 31 shall be entitled to the tax credits provided under this subchapter without regard to the fact that the availability of the tax credits has otherwise expired.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-1510
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 26-51-1510. This identifies an authority to review, not proof of applicability.