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26-51-1203. Net operating loss deduction — Carry forward.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-1203. Net operating loss deduction — Carry forward.
(a) Taxpayers qualified under § 26-51-1202(a) and (b), entitled to a net operating loss deduction as provided in § 26-51-427, may carry forward that deduction to the next succeeding taxable year following the year of the net operating loss and annually thereafter for a total period of ten (10) years or until the net operating loss has been exhausted, whichever is earlier.
(b) The net operating loss deduction must be carried forward in the order named above.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-1203
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:26-51-1203
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 98eee9e3d39334cce4002d108cb0c67178ebb3cca01ea4558d67c61cfdcd3543
Source location: content.xml paragraph 15465
Stored source content
26-51-1203. Net operating loss deduction — Carry forward.
(a) Taxpayers qualified under § 26-51-1202(a) and (b), entitled to a net operating loss deduction as provided in § 26-51-427, may carry forward that deduction to the next succeeding taxable year following the year of the net operating loss and annually thereafter for a total period of ten (10) years or until the net operating loss has been exhausted, whichever is earlier.
(b) The net operating loss deduction must be carried forward in the order named above.
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Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-1202. Certification required.
(a) To claim the benefits of this section, § 26-51-1201, and § 26-51-1203, a taxpayer must obtain a certification from the Director of the Arkansas Economic Development Commission certifying to the Revenue Division of the Department of Finance and Administration that the taxpayer:
(1) Operates a steel mill in Arkansas which began production after February 16, 1987; and
(2) Has invested, after February 16, 1987, in excess of one hundred twenty million dollars ($120,000,000) in the steel mill, which investment expenditure is for one (1) of the following:
(A) Property purchased for use in the construction of a building or buildings or any addition or improvement thereon to house the steel mill;
(B) Machinery and equipment to be located in or in connection with the steel mill. Motor vehicles of a type subject to registration shall not be considered as machinery and equipment; or
(C) Project planning costs or construction labor costs, including on-site direct labor and supervision, whether employed by a contractor or the project owner; architectural fees, engineering fees, or both; right-of-way purchases; utility extensions; site preparation; parking lots; disposal or containment systems; water and sewer treatment systems; rail spurs; streets and roads; purchase of mineral rights; land; buildings; building renovation; production, processing, and testing equipment; freight charges; building demolition; material handling equipment; drainage systems; water tanks and reservoirs; storage facilities; equipment rental; contractor's cost plus fees; builders risk insurance; original spare parts; job administrative expenses; office furnishings and equipment; rolling stock; capitalized start-up costs as recognized by generally accepted
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-1202
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 26-51-1202. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-427. Deductions — Net operating loss carryover — Definitions.
In addition to other deductions allowed by this chapter, there is allowed as a deduction from gross income a net operating loss carryover under the following rules:
(1)(A) The net operating loss for any taxable year may be carried over to the next-succeeding taxable year and annually thereafter for a total period of three (3) years next succeeding the year of the net operating loss or until the net operating loss has been exhausted or absorbed by the taxable income of any succeeding year, whichever is earlier, if the net operating loss occurred in an income year beginning before January 1, 1987. The net operating loss deduction shall be carried forward in the order stated in this subdivision (1)(A).
(B) The net operating loss for any year ending on or after the passage of the Income Tax Act of 1929, § 26-51-101 et seq., and for any succeeding taxable year before January 1, 2020, may be carried over to the next-succeeding taxable year and annually thereafter for a total period of five (5) years next succeeding the year of the net operating loss or until the net operating loss has been exhausted or absorbed by the taxable income of any succeeding year, whichever is earlier, if the net operating loss occurred in an income year beginning on or after January 1, 1987, and before January 1, 2020. The net operating loss deduction shall be carried forward in the order stated in this subdivision (1)(B).
(C)(i) For net operating losses occurring in taxable years beginning on or after January 1, 2020, the net operating loss may be carried over to the next succeeding taxable year and annually thereafter for the following number of years next succeeding the tax year of the net operating loss or until the net o
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-427
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 26-51-427. This identifies an authority to review, not proof of applicability.