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26-51-1005. Credit granted — Water impoundments.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-1005. Credit granted — Water impoundments.
(a) There shall be allowed a credit against the tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., to an approved applicant that constructs and installs or restores water impoundments or water control structures of twenty (20) acre-feet or more designed for the purpose of storing water to be used primarily for agricultural, commercial, or industrial purposes.
(b)(1) The tax credit allowed to each approved applicant shall not exceed the lesser of fifty percent (50%) of the project cost incurred or ninety thousand dollars ($90,000).
(2)(A) The amount of tax credit allowed to each approved applicant per project that may be used for a taxable year shall not exceed the lesser of:
(i) The amount of individual or corporate income tax otherwise due; or
(ii) Nine thousand dollars ($9,000).
(B) If the approved applicant is a pass-through entity such as a partnership, a limited liability company taxed as a partnership, a Subchapter S corporation, or a fiduciary, the amount of tax credit that may be used for a taxable year shall not exceed the lesser of:
(i) The aggregate amount of individual or corporate income tax otherwise due by all members of the pass-through entity; or
(ii) Nine thousand dollars ($9,000).
(3) Any unused credit may be carried over for a maximum of fifteen (15) consecutive taxable years following the taxable year in which the credit originated.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-1005
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:26-51-1005
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c5d1b9e81399be4fbb68b876e50feed5c73ccbe2230aecf6378627510dc9c705
Source location: content.xml paragraph 15148
Stored source content
26-51-1005. Credit granted — Water impoundments.
(a) There shall be allowed a credit against the tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., to an approved applicant that constructs and installs or restores water impoundments or water control structures of twenty (20) acre-feet or more designed for the purpose of storing water to be used primarily for agricultural, commercial, or industrial purposes.
(b)(1) The tax credit allowed to each approved applicant shall not exceed the lesser of fifty percent (50%) of the project cost incurred or ninety thousand dollars ($90,000).
(2)(A) The amount of tax credit allowed to each approved applicant per project that may be used for a taxable year shall not exceed the lesser of:
(i) The amount of individual or corporate income tax otherwise due; or
(ii) Nine thousand dollars ($9,000).
(B) If the approved applicant is a pass-through entity such as a partnership, a limited liability company taxed as a partnership, a Subchapter S corporation, or a fiduciary, the amount of tax credit that may be used for a taxable year shall not exceed the lesser of:
(i) The aggregate amount of individual or corporate income tax otherwise due by all members of the pass-through entity; or
(ii) Nine thousand dollars ($9,000).
(3) Any unused credit may be carried over for a maximum of fifteen (15) consecutive taxable years following the taxable year in which the credit originated.
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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.