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26-51-1009. Credit granted — Land leveling for water conservation.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-1009. Credit granted — Land leveling for water conservation.
(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 for agricultural land leveling to conserve irrigation water.
(b)(1) The tax credit allowed to each approved applicant shall not exceed the lesser of ten percent (10%) of the project cost incurred or twenty seven thousand dollars ($27,000).
(2)(A) The amount of tax credit allowed to each approved applicant per project that may be used for a taxable year may 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 tax credit may be carried over for a maximum of two (2) consecutive taxable years following the taxable year in which the credit originated.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-1009
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:26-51-1009
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 45859f93a065514af64ec504ccce9a4af8d62896704a77feca0cf78f8fb2eb5d
Source location: content.xml paragraph 15213
Stored source content
26-51-1009. Credit granted — Land leveling for water conservation.
(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 for agricultural land leveling to conserve irrigation water.
(b)(1) The tax credit allowed to each approved applicant shall not exceed the lesser of ten percent (10%) of the project cost incurred or twenty seven thousand dollars ($27,000).
(2)(A) The amount of tax credit allowed to each approved applicant per project that may be used for a taxable year may 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 tax credit may be carried over for a maximum of two (2) 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.