Browse Arkansas Code titles and sections
26-51-1104. Documentation required.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-1104. Documentation required.
(a) To claim the credit granted by § 26-51-1102, the taxpayer shall provide the following for each piece of machinery and equipment donated, sold below cost, or purchased by a qualified educational institution with a cash donation:
(1) An affidavit from the receiving qualified educational institution that:
(A) The qualified educational institution has received the machinery and equipment;
(B) The machinery and equipment is new machinery and equipment within the meaning of this subchapter;
(C) The qualified educational institution received the machinery and equipment as a donation or, if the qualified educational institution purchased the machinery and equipment, a statement of the amount paid for the machinery and equipment; and
(D) The machinery and equipment has been donated, purchased by the qualified educational institution with a cash donation provided by a taxpayer, or sold to the qualified educational institution for use in a qualified education program or a qualified research program; and
(2)(A) In the case of a donation or sale by a retail or wholesale business, a copy of the invoice from the business' supplier showing the actual cost of the machinery and equipment.
(B) In the case of a donation or sale below cost by a manufacturer, a copy of the manufacturer's wholesale price list showing the lowest price of the machinery and equipment for which credit is claimed.
(C) In the case of a purchase by a qualified educational institution with a cash donation, itemized receipts documenting the amount of the cash donation and the purchase costs of the new machinery and equipment.
(b) To claim the credit granted by § 26-51-1102, the taxpayer shall show that the Director of the Arkansas Economic Development Commiss
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-1104
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.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:26-51-1104
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: ca8df38a532f9f2260d28a52091b84105cf64f387844fbd9db9ad98065a6e84c
Source location: content.xml paragraph 15387
Stored source content
26-51-1104. Documentation required.
(a) To claim the credit granted by § 26-51-1102, the taxpayer shall provide the following for each piece of machinery and equipment donated, sold below cost, or purchased by a qualified educational institution with a cash donation:
(1) An affidavit from the receiving qualified educational institution that:
(A) The qualified educational institution has received the machinery and equipment;
(B) The machinery and equipment is new machinery and equipment within the meaning of this subchapter;
(C) The qualified educational institution received the machinery and equipment as a donation or, if the qualified educational institution purchased the machinery and equipment, a statement of the amount paid for the machinery and equipment; and
(D) The machinery and equipment has been donated, purchased by the qualified educational institution with a cash donation provided by a taxpayer, or sold to the qualified educational institution for use in a qualified education program or a qualified research program; and
(2)(A) In the case of a donation or sale by a retail or wholesale business, a copy of the invoice from the business' supplier showing the actual cost of the machinery and equipment.
(B) In the case of a donation or sale below cost by a manufacturer, a copy of the manufacturer's wholesale price list showing the lowest price of the machinery and equipment for which credit is claimed.
(C) In the case of a purchase by a qualified educational institution with a cash donation, itemized receipts documenting the amount of the cash donation and the purchase costs of the new machinery and equipment.
(b) To claim the credit granted by § 26-51-1102, the taxpayer shall show that the Director of the Arkansas Economic Development Commission and the Director of the Division of Higher Education have approved the qualified research expenditure as a part of a qualified research program.
(c) Copies of each of the above documents shall be filed by the taxpayer with the Arkansas Economic Development Commission and with his or her return as an attachment to the form prescribed by the Secretary of the Department of Finance and Administration.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
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. The source passage cites 26-51-1102. This identifies an authority to review, not proof of applicability.