Browse Arkansas Code titles and sections
26-51-1701. Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-1701. Definitions.
As used in this subchapter, unless the context clearly requires otherwise:
(1) “Authority” means the Arkansas Development Finance Authority, or its successor agency;
(2) “Eligibility statement” means a statement authorized and issued by the authority certifying that a given project qualifies for the Arkansas low-income housing tax credit. The authority shall promulgate rules establishing criteria upon which the eligibility statements will be issued. The eligibility statement shall specify the amount of the Arkansas low-income housing tax credit allowed;
(3) “Federal low-income housing tax credit” means the federal tax credit as provided in 26 U.S.C. § 42, as amended;
(4) “Qualified project” means a qualified low-income building as that term is defined in 26 U.S.C. § 42, as amended, which is located in Arkansas; and
(5) “Taxpayer” means a person, firm or corporation subject to the state income tax imposed by provisions of §§ 26-51-101 — 26-51-1510, or an insurance company paying an annual tax on its gross premium receipts in this state, or a financial institution paying income taxes to the State of Arkansas.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-1701
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:26-51-1701
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 3be91f9732214f978ebe36919c90bb058ef9e70fc06ee9cef6b5fd78145fd224
Source location: content.xml paragraph 16441
Stored source content
26-51-1701. Definitions.
As used in this subchapter, unless the context clearly requires otherwise:
(1) “Authority” means the Arkansas Development Finance Authority, or its successor agency;
(2) “Eligibility statement” means a statement authorized and issued by the authority certifying that a given project qualifies for the Arkansas low-income housing tax credit. The authority shall promulgate rules establishing criteria upon which the eligibility statements will be issued. The eligibility statement shall specify the amount of the Arkansas low-income housing tax credit allowed;
(3) “Federal low-income housing tax credit” means the federal tax credit as provided in 26 U.S.C. § 42, as amended;
(4) “Qualified project” means a qualified low-income building as that term is defined in 26 U.S.C. § 42, as amended, which is located in Arkansas; and
(5) “Taxpayer” means a person, firm or corporation subject to the state income tax imposed by provisions of §§ 26-51-101 — 26-51-1510, or an insurance company paying an annual tax on its gross premium receipts in this state, or a financial institution paying income taxes to the State of Arkansas.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** For purposes of section 38, the amount of the low-income housing credit determined under this section for any taxable year in the credit period shall be an amount equal to—
(1) the applicable percentage of
(2) the qualified basis of each qualified low-income building.
**(b) Applicable percentage: 70 percent present value credit for certain new buildings; 30 percent present value credit for certain other buildings**
(1) **Determination of applicable percentage** — For purposes of this section—
(A) *In general* — The term “applicable percentage” means, with respect to any building, the appropriate percentage prescribed by the Secretary for the earlier of—
(i) the month in which such building is placed in service, or
(ii) at the election of the taxpayer—
(I) the month in which the taxpayer and the housing credit agency enter into an agreement with respect to such building (which is binding on such agency, the taxpayer, and all successors in interest) as to the housing credit dollar amount to be allocated to such building, or
(II) in the case of any building to which subsection (h)(4)(B) applies, the month in which the tax-exempt obligations are issued.
A month may be elected under clause (ii) only if the election is made not later than the 5th day after the close of such month. Such an election, once made, shall be irrevocable.
(B) *Method of prescribing percentages* — The percentages prescribed by the Secretary for any month shall be percentages which will yield over a 10-year period amounts of credit under subsection (a) which have a present value equal to—
(i) 70 percent of the qualified basis of a new building which is not federally subsidized for the taxable year, and
(ii) 30 percent of the qualified b
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 42
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 42. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 212
TITLE 26—INTERNAL REVENUE CODE
§ 42
SPECIAL RULES FOR TAXABLE YEARS BEGINNING
BEFORE OCT. 1, 1990, AND ENDING AFTER SEPT. 30, 1990
Pub. L. 101–239, title VII, § 7110(a)(2), Dec. 19, 1989, 103
Stat. 2323, which set forth the method of determining
the amount treated as qualified research expenses for
taxable years beginning before Oct. 1, 1990, and ending
after Sept. 30, 1990, was repealed by Pub. L. 101–508,
title XI, § 11402(b)(1), Nov. 5, 1990, 104 Stat. 1388–473.
[Pub. L. 104–188, title I, § 1702(d)(1), Aug. 20, 1996, 110
Stat. 1870, provided that: ‘‘Notwithstanding section
11402(c) of the Revenue Reconciliation Act of 1990 [Pub.
L. 101–508, set out as a note under section 45C of this
title], the amendment made by section 11402(b)(1) of
such Act [repealing section 7110(a)(2) of Pub. L. 101–239,
formerly set out as a note above] shall apply to taxable
years ending after December 31, 1989.’’]
STUDY AND REPORT ON CREDIT PROVIDED BY THIS
SECTION
Pub. L. 100–647, title IV, § 4007(b), Nov. 10, 1988, 102
Stat. 3652, directed Comptroller General of United
States to conduct a study of credit provided by 26
U.S.C. 41 and submit a report of the study not later
than Dec. 31, 1989, to Committee on Ways and Means of
House of Representatives and Committee on Finance of
Senate.
PLAN AMENDMENTS NOT REQUIRED UNTIL
JANUARY 1, 1989
For provisions directing that if any amendments
made by subtitle A or subtitle C of title XI [§§ 1101–1147
and 1171–1177] or title XVIII [§§ 1800–1899A] of Pub. L.
99–514 require an amendment to any plan, such plan
amendment shall not be required to be made before the
first plan year beginning on or after Jan. 1, 1989, see
section 1140 of Pub. L. 99–514, as amended, set out as a
note under section 401 of this title.
NE
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 42
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 42. 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
26-51-1510. Annual compilation of credits — Expiration of subchapter — Tax credit availability.
(a) Following the end of every calendar year, the Department of Finance and Administration shall compile the cumulative total amount of tax credits used pursuant to the provisions of this subchapter.
(b)(1) The tax credits established by this subchapter and the availability of those tax credits shall expire on December 31 of the calendar year following the calendar year in which the tax credits used pursuant to the provisions of this subchapter exceed five hundred thousand dollars ($500,000).
(2) However, any taxpayer having been issued a certificate of tax credit approval on or prior to such December 31 shall be entitled to the tax credits provided under this subchapter without regard to the fact that the availability of the tax credits has otherwise expired.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-1510
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 26-51-1510. This identifies an authority to review, not proof of applicability.