Browse Arkansas Code titles and sections
26-51-1703. Eligibility statement.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-1703. Eligibility statement.
(a) The owner of a qualified project eligible for the Arkansas low-income housing tax credit shall submit, at the time of filing the owner's income or gross premium tax return, an eligibility statement. In the case of failure to attach the eligibility statement, no Arkansas low-income housing tax credit under this subchapter shall be allowed with respect to such project for that year until these copies are provided to the Department of Finance and Administration.
(b) If under 26 U.S.C. § 42, as amended, a portion of any federal low-income housing tax credit taken with respect to a qualified project is required to be recaptured, the taxpayer claiming Arkansas low-income housing tax credit with respect to such project shall also be required to recapture a portion of any Arkansas low-income housing tax credit authorized by this subchapter. The state recapture amount shall be equal to the proportion of the Arkansas low-income housing tax credit claimed by the taxpayer that equals the proportion the federal recapture amount bears to the original federal low-income housing credit claimed by the taxpayer.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-1703
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:26-51-1703
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 83d8186233fdde7f7d1a2733e8c785a07b3f197989572b0b597b7822af377d7d
Source location: content.xml paragraph 16471
Stored source content
26-51-1703. Eligibility statement.
(a) The owner of a qualified project eligible for the Arkansas low-income housing tax credit shall submit, at the time of filing the owner's income or gross premium tax return, an eligibility statement. In the case of failure to attach the eligibility statement, no Arkansas low-income housing tax credit under this subchapter shall be allowed with respect to such project for that year until these copies are provided to the Department of Finance and Administration.
(b) If under 26 U.S.C. § 42, as amended, a portion of any federal low-income housing tax credit taken with respect to a qualified project is required to be recaptured, the taxpayer claiming Arkansas low-income housing tax credit with respect to such project shall also be required to recapture a portion of any Arkansas low-income housing tax credit authorized by this subchapter. The state recapture amount shall be equal to the proportion of the Arkansas low-income housing tax credit claimed by the taxpayer that equals the proportion the federal recapture amount bears to the original federal low-income housing credit claimed by the taxpayer.
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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.