Browse Arkansas Code titles and sections
20-86-109. Matching funds.
Arkansas Code — all titles (historical 2020) · legal_authorities
20-86-109. Matching funds.
(a)(1) Any individual, business, organization, or other entity may contribute matching funds to a fiduciary organization.
(2) The funds shall be designated to the fiduciary organization to allocate to participants who meet the requirements in § 20-86-106.
(b)(1) A credit shall be allowed against the income tax liability imposed by the Income Tax Act of 1929, § 26-51-101 et seq., for any Arkansas taxpayer who contributes to a fiduciary organization created pursuant to this subchapter in an amount equal to fifty percent (50%) of the amount of matching funds contributed to a fiduciary organization during the calendar year.
(2) The amount of the credit that may be used by a taxpayer for a taxable year shall not exceed the lesser of twenty-five thousand dollars ($25,000) or the amount of individual or corporate income tax otherwise due.
(c) Any unused credit may be carried over for a maximum of three (3) years up to a total tax credit allowed in the amount of twenty-five thousand dollars ($25,000).
(d)(1)(A) To claim the benefits of this section, a taxpayer must notify the fiduciary organization that the taxpayer intends to make a contribution and the amount of the contribution.
(B) The fiduciary organization shall then notify the Division of Workforce Services and request a certification from the division certifying the amount of the tax credit to which the taxpayer is entitled.
(C) The fiduciary organization shall deliver the certification to the taxpayer upon receipt of the contribution.
(2) A taxpayer must file the certificate with the taxpayer's income tax return for the first year in which the taxpayer claims a tax credit under this subchapter.
(e) The total amount of tax credits certified under this subchapter shall not e
Source: Arkansas Code — historical release 78 (November 6, 2020) · 20-86-109
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:20-86-109
Source file: gov.ar.code.title.20.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 4e02210e97fdcc9467ca3386aebd4569b56f699eb01c93028a324e9a34d4cfe2
Source location: content.xml paragraph 41448
Stored source content
20-86-109. Matching funds.
(a)(1) Any individual, business, organization, or other entity may contribute matching funds to a fiduciary organization.
(2) The funds shall be designated to the fiduciary organization to allocate to participants who meet the requirements in § 20-86-106.
(b)(1) A credit shall be allowed against the income tax liability imposed by the Income Tax Act of 1929, § 26-51-101 et seq., for any Arkansas taxpayer who contributes to a fiduciary organization created pursuant to this subchapter in an amount equal to fifty percent (50%) of the amount of matching funds contributed to a fiduciary organization during the calendar year.
(2) The amount of the credit that may be used by a taxpayer for a taxable year shall not exceed the lesser of twenty-five thousand dollars ($25,000) or the amount of individual or corporate income tax otherwise due.
(c) Any unused credit may be carried over for a maximum of three (3) years up to a total tax credit allowed in the amount of twenty-five thousand dollars ($25,000).
(d)(1)(A) To claim the benefits of this section, a taxpayer must notify the fiduciary organization that the taxpayer intends to make a contribution and the amount of the contribution.
(B) The fiduciary organization shall then notify the Division of Workforce Services and request a certification from the division certifying the amount of the tax credit to which the taxpayer is entitled.
(C) The fiduciary organization shall deliver the certification to the taxpayer upon receipt of the contribution.
(2) A taxpayer must file the certificate with the taxpayer's income tax return for the first year in which the taxpayer claims a tax credit under this subchapter.
(e) The total amount of tax credits certified under this subchapter shall not exceed one hundred thousand dollars ($100,000) per calendar year.
(f) The Department of Finance and Administration shall promulgate any rules necessary to carry out the provisions of this section.
(g) The division may monitor the use of these funds by fiduciary organizations.
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Arkansas Code — all titles (historical 2020) · legal_authorities
20-86-106. Individual development account.
(a)(1) An individual who is a resident of this state may submit an application to open an individual development account to a fiduciary organization approved by the Division of Workforce Services pursuant to the provisions of § 20-86-105.
(2) The fiduciary organization shall approve the application only if:
(A) The individual has gross household income from all sources for the calendar year preceding the year in which the application is made that does not exceed one hundred eighty-five percent (185%) of the federal poverty level; and
(B) The individual's household net worth at the time the individual development account is opened does not exceed ten thousand dollars ($10,000) disregarding the primary dwelling and one (1) motor vehicle owned by the household.
(b) An individual opening an individual development account shall be required to enter into an individual development account agreement with the fiduciary organization.
(c) The fiduciary organization shall be responsible for coordinating arrangements between the individual and a financial institution to open the individual's individual development account.
(d)(1)(A) Each fiduciary organization shall provide written notification to each of its eligible individual development account holders of the amount of matching funds provided by the fiduciary to which each such individual development account holder is entitled.
(B) Such notification shall be made at such intervals as the fiduciary organization deems appropriate but shall be required to be made at least one (1) time each calendar year.
(2) The amount of such matching funds for each individual development account holder shall be three dollars ($3.00) for each one dollar ($1.00) contributed to the individ
Source: Arkansas Code — historical release 78 (November 6, 2020) · 20-86-106
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 20-86-106. 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.