Browse Arkansas Code titles and sections
26-51-1505. Credits granted.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-1505. Credits granted.
(a) There shall be allowed a wetland and riparian zone creation and restoration tax credit against the tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., in an amount as determined in subsection (c) of this section for any taxpayer engaged in the creation or restoration of wetlands and riparian zones.
(b) There shall be allowed a wetland and riparian zone conservation tax credit against the tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., in an amount as determined in subsection (c) of this section for any eligible donor who donates a qualified real property interest for a qualified conservation purpose to an eligible donee.
(c)(1) The amount of the wetland and riparian zone creation and restoration tax credit allowed under subsection (a) of this section shall be equal to the project cost incurred in the creation or restoration of wetlands and riparian zones and shall not exceed fifty thousand dollars ($50,000).
(2) The amount of the wetland and riparian zone conservation tax credit allowed under subsection (b) of this section shall equal fifty percent (50%) of the fair market value of the qualified real property interest donation calculated to exclude any short term capital gain under 26 U.S.C. § 170(e)(1)(A), as in effect on January 1, 2009, and shall not exceed fifty thousand dollars ($50,000).
(3)(A) The amount of the tax credit under this subchapter that may be used by a taxpayer for a taxable year may not exceed the lesser of:
(i) The amount of individual or corporate income tax otherwise due; or
(ii) Five thousand dollars ($5,000).
(B) Any unused tax credit under this subchapter may be carried over for a maximum of nine (9) consecutive taxable years following the taxable year in which the ta
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-1505
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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Stable record: arkansas_code:legal_authorities:26-51-1505
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 93010983f465cfe7508ec27d08b5688141270d8253909fa298a9c0d867d99568
Source location: content.xml paragraph 16315
Stored source content
26-51-1505. Credits granted.
(a) There shall be allowed a wetland and riparian zone creation and restoration tax credit against the tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., in an amount as determined in subsection (c) of this section for any taxpayer engaged in the creation or restoration of wetlands and riparian zones.
(b) There shall be allowed a wetland and riparian zone conservation tax credit against the tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., in an amount as determined in subsection (c) of this section for any eligible donor who donates a qualified real property interest for a qualified conservation purpose to an eligible donee.
(c)(1) The amount of the wetland and riparian zone creation and restoration tax credit allowed under subsection (a) of this section shall be equal to the project cost incurred in the creation or restoration of wetlands and riparian zones and shall not exceed fifty thousand dollars ($50,000).
(2) The amount of the wetland and riparian zone conservation tax credit allowed under subsection (b) of this section shall equal fifty percent (50%) of the fair market value of the qualified real property interest donation calculated to exclude any short term capital gain under 26 U.S.C. § 170(e)(1)(A), as in effect on January 1, 2009, and shall not exceed fifty thousand dollars ($50,000).
(3)(A) The amount of the tax credit under this subchapter that may be used by a taxpayer for a taxable year may not exceed the lesser of:
(i) The amount of individual or corporate income tax otherwise due; or
(ii) Five thousand dollars ($5,000).
(B) Any unused tax credit under this subchapter may be carried over for a maximum of nine (9) consecutive taxable years following the taxable year in which the tax credit originated.
(C) Any unused tax credit under this subchapter shall survive the death of an individual taxpayer and may be used by the individual taxpayer's estate, subject to the limitations in this subdivision (c)(3).
(4) Tax credits under this subchapter may only be used by the taxpayer certified to earn a tax credit to offset the taxpayer's state income tax liability and are nontransferable.
(5)(A) Only one (1) wetland and riparian zone conservation tax credit may be earned per qualified real property interest donation.
(B) If the qualified real property interest is held in common ownership, the wetland and riparian zone conservation tax credit shall be allocated in proportion to each respective ownership share.
(C) If the qualified real property interest is held by a pass-through entity, the wetland and riparian zone conservation tax credit shall be allocated as prescribed under 26 U.S.C. § 704(b), as in effect on January 1, 2009, and corresponding regulations in 26 C.F.R. § 1.704-1(b)(4)(ii), as in effect on January 1, 2009.
(6) An eligible donor may earn only one (1) wetland and riparian zone conservation tax credit per income tax year.
(d) To claim the benefits of this section, a taxpayer must obtain a certification from the Arkansas Natural Resources Commission certifying to the Revenue Division of the Department of Finance and Administration that the taxpayer has met all the requirements and qualifications set forth in § 26-51-1504(b)(2) and § 26-51-1507(a) for a wetland and riparian zone creation and restoration tax credit or § 26-51-1507(b) for a wetland and riparian zone conservation tax credit.
(e) The division shall promulgate such rules as may be deemed necessary to carry out the tax credit provisions of this subchapter.
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.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Allowance of deduction**
(1) **General rule** — There shall be allowed as a deduction any charitable contribution (as defined in subsection (c)) payment of which is made within the taxable year. A charitable contribution shall be allowable as a deduction only if verified under regulations prescribed by the Secretary.
(2) **Corporations on accrual basis** — In the case of a corporation reporting its taxable income on the accrual basis, if—
(A) the board of directors authorizes a charitable contribution during any taxable year, and
(B) payment of such contribution is made after the close of such taxable year and on or before the 15th day of the fourth month following the close of such taxable year,
then the taxpayer may elect to treat such contribution as paid during such taxable year. The election may be made only at the time of the filing of the return for such taxable year, and shall be signified in such manner as the Secretary shall by regulations prescribe.
(3) **Future interests in tangible personal property** — For purposes of this section, payment of a charitable contribution which consists of a future interest in tangible personal property shall be treated as made only when all intervening interests in, and rights to the actual possession or enjoyment of, the property have expired or are held by persons other than the taxpayer or those standing in a relationship to the taxpayer described in section 267(b) or 707(b). For purposes of the preceding sentence, a fixture which is intended to be severed from the real property shall be treated as tangible personal property.
**(b) Percentage limitations**
(1) **Individuals** — In the case of an individual, the deduction provided in subsection (a) shall be limited as provided in the succeeding subparagra
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 170
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 170. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 841
TITLE 26—INTERNAL REVENUE CODE
§ 170
section (a), be allowed with respect to the por-
tion of the adjusted basis which is not the amor-
tizable basis.
[(h) Repealed. Pub. L. 92–178, title I, § 104(f)(2),
Dec. 10, 1971, 85 Stat. 502]
(i) Life tenant and remainderman
In the case of property held by one person for
life with remainder to another person, the de-
duction under this section shall be computed as
if the life tenant were the absolute owner of the
property and shall be allowable to the life ten-
ant.
(j) Cross reference
For special rule with respect to certain gain de-
rived from the disposition of property the adjusted
basis of which is determined with regard to this sec-
tion, see section 1245.
(Added Pub. L. 91–172, title VII, § 704(a), Dec. 30,
1969, 83 Stat. 667; amended Pub. L. 92–178, title I,
§ 104(f)(2), Dec. 10, 1971, 85 Stat. 502; Pub. L.
93–625, § 3(a), Jan. 3, 1975, 88 Stat. 2109; Pub. L.
94–455, title XIX, § 1906(b)(13)(A), title XXI,
§ 2112(b), (c), Oct. 4, 1976, 90 Stat. 1834, 1906; Pub.
L. 109–58, title XIII, § 1309(a)–(d), Aug. 8, 2005, 119
Stat. 1007; Pub. L. 109–135, title IV, § 402(e), Dec.
21, 2005, 119 Stat. 2611; Pub. L. 115–141, div. U,
title IV, § 401(a)(51), Mar. 23, 2018, 132 Stat. 1186.)
Editorial Notes
REFERENCES IN TEXT
The Federal Water Pollution Control Act, as amended
(33 U.S.C. 466 et seq.), referred to in subsec. (d)(1)(B), is
act June 30, 1948, ch. 758, as amended generally by Pub.
L. 92–500, § 2, Oct. 18, 1972, 86 Stat. 816, which is classi-
fied generally to chapter 26 (§ 1251 et seq.) of Title 33,
Navigation and Navigable Waters. The subject matter
of section 13(a) of the act, referred to in subsec. (d)(2),
is covered by section 1362(1) of Title 33. For complete
classification of this Ac
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 170
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 170. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Effect of partnership agreement** A partner’s distributive share of income, gain, loss, deduction, or credit shall, except as otherwise provided in this chapter, be determined by the partnership agreement.
**(b) Determination of distributive share** A partner’s distributive share of income, gain, loss, deduction, or credit (or item thereof) shall be determined in accordance with the partner’s interest in the partnership (determined by taking into account all facts and circumstances), if—
(1) the partnership agreement does not provide as to the partner’s distributive share of income, gain, loss, deduction, or credit (or item thereof), or
(2) the allocation to a partner under the agreement of income, gain, loss, deduction, or credit (or item thereof) does not have substantial economic effect.
**(c) Contributed property**
(1) **In general** — Under regulations prescribed by the Secretary—
(A) income, gain, loss, and deduction with respect to property contributed to the partnership by a partner shall be shared among the partners so as to take account of the variation between the basis of the property to the partnership and its fair market value at the time of contribution,
(B) if any property so contributed is distributed (directly or indirectly) by the partnership (other than to the contributing partner) within 7 years of being contributed—
(i) the contributing partner shall be treated as recognizing gain or loss (as the case may be) from the sale of such property in an amount equal to the gain or loss which would have been allocated to such partner under subparagraph (A) by reason of the variation described in subparagraph (A) if the property had been sold at its fair market value at the time of the distribution,
(ii) the character of such gain
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 704
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 704. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 1865
TITLE 26—INTERNAL REVENUE CODE
§ 704
Mar. 29, 1975, 89 Stat. 53; Pub. L. 94–455, title
XIX, § 1901(b)(21)(F), title XXI, § 2115(c)(2), Oct. 4,
1976, 90 Stat. 1798, 1909; Pub. L. 95–30, title I,
§ 101(d)(10), May 23, 1977, 91 Stat. 134; Pub. L.
96–589, § 2(e)(1), Dec. 24, 1980, 94 Stat. 3396; Pub. L.
99–514,
title
V,
§ 511(d)(2)(B),
title
VII,
§ 701(e)(4)(E), Oct. 22, 1986, 100 Stat. 2249, 2343;
Pub. L. 100–647, title I, § 1008(i), Nov. 10, 1988, 102
Stat. 3445; Pub. L. 103–66, title XIII, § 13150(c)(9),
Aug. 10, 1993, 107 Stat. 448.)
Editorial Notes
AMENDMENTS
1993—Subsec. (b)(1). Pub. L. 103–66 substituted ‘‘sub-
section (b)(5) or (c)(3)’’ for ‘‘subsection (b)(5)’’.
1988—Subsec. (b)(1). Pub. L. 100–647 substituted ‘‘sub-
section (b)(5)’’ for ‘‘subsection (b)(5) or (d)(4)’’.
1986—Subsec. (b). Pub. L. 99–514 struck out former
pars. (1) and (3) which related to elections under sec-
tions 57(c) and 163(d), respectively, and redesignated
former pars. (2), (4), and (5), as pars. (1), (2), and (3), re-
spectively.
1980—Subsec. (b). Pub. L. 96–589 inserted reference to
section 108(b)(5) and (d)(4).
1977—Subsec. (a)(2). Pub. L. 95–30 struck out subpar.
(A) which made reference to the standard deduction
provided in section 141, and redesignated subpars. (B) to
(G) as (A) to (F), respectively.
1976—Subsec. (a)(2)(G). Pub. L. 94–455, § 2115(c)(2), sub-
stituted ‘‘wells’’ for ‘‘production subject to the provi-
sions of section 613A(c)’’.
Subsec. (b). Pub. L. 94–455, § 1901(b)(21)(F), struck out
‘‘under section 615 (relating to pre-1970 exploration ex-
penditures),’’ after ‘‘of the United States, and any elec-
tion’’.
1975—Subsec. (a)(2)(G). Pub. L. 94–12 added subpar.
(G).
1971—Subsec. (b). Pub. L. 92–178 substituted ‘‘,’’ for
‘‘or’’ after
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 704
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 704. This identifies an authority to review, not proof of applicability.
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.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-1504. Applicability.
(a) There are two (2) types of tax credits available under this subchapter:
(1) Wetland and riparian zone creation and restoration tax credits, which shall apply to taxable years beginning on or after January 1, 1996, and all taxable years thereafter; and
(2) Wetland and riparian zone conservation tax credits, which shall apply to taxable years beginning on or after January 1, 2009, and all taxable years thereafter.
(b)(1) Any taxpayer claiming a tax credit under this subchapter may not claim a credit under the Water Resource Conservation and Development Incentives Act, § 26-51-1001 et seq., or any similar act for any costs related to the same project.
(2) Any taxpayer claiming a tax credit under this subchapter may not claim a tax credit under any other act for any costs related to the same project.
(c) Any tax credits issued to partnerships, limited liability companies, Subchapter S corporations, or fiduciaries may pass through to their members, managers, partners, shareholders, and beneficiaries.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-1504
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 26-51-1504. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-1507. Application and approval procedure.
(a)(1)(A) Wetland and Riparian Zone Creation and Restoration Tax Credit.
(B) A taxpayer wishing to obtain a wetland and riparian zone creation and restoration tax credit shall submit an application to the Arkansas Natural Resources Commission.
(C) Upon receipt of the application, the commission shall make the application available to the Private Wetland and Riparian Zone Creation, Restoration, and Conservation Committee for its review and comment.
(D) After review of the committee comments, the commission may issue a wetland and riparian zone creation and restoration tax credit approval certificate for those applications proposing projects that meet the requirements of this subchapter and rules promulgated thereunder.
(2)(A) Project costs incurred after issuance of a wetland and riparian zone creation and restoration tax credit approval certificate may be claimed for a wetland and riparian zone creation and restoration tax credit, subject to the limitations in § 26-51-1505.
(B) A taxpayer must file the certificate of wetland and riparian zone creation and restoration tax credit approval with the taxpayer's income tax return for the first year in which the taxpayer claims a tax credit under this subchapter.
(3)(A) Upon completion and proper functioning of the project, the commission shall issue a certificate of completion.
(B) A taxpayer must file the certificate of completion with the first tax return filed after issuance of the certificate of completion.
(b)(1)(A) Wetland and Riparian Zone Conservation Tax Credit.
(B) An eligible donor wishing to obtain a wetland and riparian zone conservation tax credit shall submit an application to the commission.
(C) Upon receipt of the application, the commissio
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-1507
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 26-51-1507. This identifies an authority to review, not proof of applicability.