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26-51-1507. Application and approval procedure.
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:26-51-1507
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 04ca23045db65fd49c21c927cbecd218459ca0b097620b3e15fa80ca0de76dfc
Source location: content.xml paragraph 16351
Stored source content
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 commission shall make the application available to the committee for its review and comment. The committee's review shall include the following considerations:
(i) Whether the appraisal of the qualified real property interest meets the minimum standards of the Uniform Standards of Professional Appraisal Practice and the Internal Revenue Service requirements for a qualified appraisal;
(ii) Whether the qualified real property interest's valuation does not appear to be manifestly abusive;
(iii) Whether the conservation purpose of the donation complies with the requirements of a qualified conservation purpose and contributes to the wetland and riparian zone benefits in § 26-51-1502;
(iv) Whether the real property interest meets the requirements for a qualified real property interest; and
(v) Whether the donee of the qualified real property interest meets the requirements of an eligible donee.
(D) After review of the committee comments, the commission may issue a wetland and riparian zone conservation tax credit approval certificate for those applications that meet the requirements of this subchapter and the rules promulgated under this subchapter.
(2)(A) An eligible donor may apply for conditional approval of a wetland and riparian zone conservation tax credit before a qualified real property interest donation has been recorded.
(B) If conditional approval of a wetland and riparian zone conservation tax credit is granted, the application must be resubmitted to the commission after the qualified real property interest donation has been recorded for the limited purpose of demonstrating conformity with the originally submitted draft documents.
(3)(A) If the commission denies approval of a wetland and riparian zone conservation tax credit, it shall provide a brief written statement to the applicant of the reason for a decision to deny approval.
(B) When a problem identified by the commission is remedied, an eligible donor may resubmit the application for approval of the wetland and riparian zone conservation tax credit.
(4) A decision on an application for approval or conditional approval of a wetland and riparian zone conservation tax credit or on a resubmission of a conditionally approved or previously denied application shall be issued in the order in which the completed applications or resubmissions are received.
(5) For good cause shown, the Department of Finance and Administration may review and either accept or reject in whole or in part any wetland and riparian zone conservation tax credit claimed by a taxpayer and may require information from a taxpayer regarding the:
(A) Appraisal value of the qualified real property interest;
(B) Amount of the wetland and riparian zone conservation tax credit;
(C) Validity of the wetland and riparian zone conservation tax credit; and
(D) Other relevant matters.
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Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-1502. Legislative findings.
(a) Wetlands and riparian zones have significant benefits to the state. They include:
(1) Flood impact mitigation by slowing storm water runoff;
(2) Water quality enhancement by removing sediment, nitrogen, phosphorus, and other pollutants from surface water;
(3) Habitats for fish and wildlife, including waterfowl and rare or endangered species;
(4) Groundwater recharge can occur in wetlands that will assist in ensuring that groundwater is available for the future;
(5) Recreational uses for hunting, fishing, hiking, et cetera, that not only add to the quality of life, but also have a significant economic impact on the state; and
(6) Timber and food production in properly managed wetlands can provide wood products, plants, and animals for human and livestock consumption.
(b) Arkansas has lost over seventy percent (70%) of its pre-European settlement wetlands. Even though the rate of wetland loss in the United States has declined in recent years, wetlands in Arkansas continue to experience significant loss.
(c) The majority of lands suitable for wetlands and riparian zones are held by private owners. The state should encourage these owners to restore and enhance existing wetlands and riparian zones and, when possible, create new wetlands and riparian zones.
(d) The donation of wetland and riparian zone qualified real property interests should be encouraged by the state so that permanent protection of the conservation values of these lands is ensured.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-1502
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 26-51-1502. This identifies an authority to review, not proof of applicability.
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. The source passage cites 26-51-1505. This identifies an authority to review, not proof of applicability.