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26-51-1102. Credit granted.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-1102. Credit granted.
(a)(1) There is granted a credit against a taxpayer's Arkansas corporate income tax or Arkansas individual income tax for the following types of donations or sales, or both, of new machinery and equipment to a qualified educational institution in connection with a qualified education program or a qualified research program:
(A) Donations of new machinery and equipment;
(B) Sales below cost of machinery and equipment; and
(C) Cash donations for the purchase of new machinery and equipment by a qualified educational institution.
(2) The amount of the credit granted by this section shall be:
(A) In the case of a donation, thirty-three percent (33%) of the cost of the machinery and equipment donated;
(B) In the case of a sale below cost, thirty-three percent (33%) of the amount by which the cost is reduced; and
(C) In the case of a cash donation, thirty-three percent (33%) of the amount of the cash donation used by the qualified educational institution to purchase new machinery and equipment from a wholesale, retail, or manufacturing business.
(b) There is granted a credit against a taxpayer's Arkansas corporate income tax or Arkansas individual income tax equal to thirty-three percent (33%) of the qualified research expenditures of a taxpayer in qualified research programs.
(c)(1) There is granted a credit against a taxpayer's Arkansas corporate income tax or Arkansas individual income tax equal to thirty-three percent (33%) of a donation made to an accredited institution of higher education to support a research park authority.
(2) In order to claim this credit authorized by subdivision (c)(1) of this section, a donation made in support of a research park authority shall:
(A) Be consistent with the research and developmen
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-1102
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:26-51-1102
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 7a89d5ca629e98176fc076cf5067a3b1477bb0d1990c58ee00ed5b1f232e6b68
Source location: content.xml paragraph 15358
Stored source content
26-51-1102. Credit granted.
(a)(1) There is granted a credit against a taxpayer's Arkansas corporate income tax or Arkansas individual income tax for the following types of donations or sales, or both, of new machinery and equipment to a qualified educational institution in connection with a qualified education program or a qualified research program:
(A) Donations of new machinery and equipment;
(B) Sales below cost of machinery and equipment; and
(C) Cash donations for the purchase of new machinery and equipment by a qualified educational institution.
(2) The amount of the credit granted by this section shall be:
(A) In the case of a donation, thirty-three percent (33%) of the cost of the machinery and equipment donated;
(B) In the case of a sale below cost, thirty-three percent (33%) of the amount by which the cost is reduced; and
(C) In the case of a cash donation, thirty-three percent (33%) of the amount of the cash donation used by the qualified educational institution to purchase new machinery and equipment from a wholesale, retail, or manufacturing business.
(b) There is granted a credit against a taxpayer's Arkansas corporate income tax or Arkansas individual income tax equal to thirty-three percent (33%) of the qualified research expenditures of a taxpayer in qualified research programs.
(c)(1) There is granted a credit against a taxpayer's Arkansas corporate income tax or Arkansas individual income tax equal to thirty-three percent (33%) of a donation made to an accredited institution of higher education to support a research park authority.
(2) In order to claim this credit authorized by subdivision (c)(1) of this section, a donation made in support of a research park authority shall:
(A) Be consistent with the research and development plan approved by the Director of the Arkansas Economic Development Commission with the advice of the Board of Directors of the Division of Science and Technology of the Arkansas Economic Development Commission, as evidenced by a letter of support from the director; and
(B) Support either directly or indirectly research subject to being funded by one (1) or more federal agencies, as enumerated in § 15-3-205(1).
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-3-205. Funds for match.
Funds used under the provisions of this subchapter shall adhere to the following criteria:
(1) Be used for the purposes of matching an approved grant from an eligible federal agency, limited to the following:
(A) The National Science Foundation;
(B) The National Institutes of Health;
(C) The United States Department of Energy;
(D) The United States Department of Defense;
(E) The United States Environmental Protection Agency;
(F) The National Aeronautics and Space Administration;
(G) The United States Department of Agriculture;
(H) The United States Department of Transportation;
(I) The United States Department of Commerce;
(J) The United States Department of Education; and
(K) The United States Department of Homeland Security;
(2)(A) Proposals for federal funds that contain a specific state or federal match requirement, for the purposes of this subchapter, shall not be matched at a rate of more than fifty percent (50%), except that any portion of the match over fifty percent (50%) may be borne by the college or university.
(B) Proposals for federal funds that do not contain a specific state or federal match requirement, for the purposes of this subchapter, shall not be matched at a rate of more than ten percent (10%), provided that the state share is matched dollar for dollar by the college or university for a combined match of not more than twenty percent (20%), except that any portion of the match over twenty percent (20%) may be borne by the college or university; and
(3) A state financial match requirement of at least twenty thousand dollars ($20,000) for equipment matching and at least fifty thousand dollars ($50,000) for research project matching.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-3-205
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 15-3-205. This identifies an authority to review, not proof of applicability.