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26-51-2407. Investment tax credits.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-2407. Investment tax credits.
(a) There is allowed an investment tax credit against the tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., for any taxpayer incurring costs and expenses that are qualified rehabilitation or development expenditures of eligible central business improvement district property.
(b) The investment tax credit is equal to twenty-five percent (25%) of qualified rehabilitation or development expenditures incurred for a qualified project up to the first:
(1) Five hundred thousand dollars ($500,000) on income-producing property; or
(2) Two hundred thousand dollars ($200,000) on nonincome-producing property.
(c)(1) The investment tax credit for a qualified project covering income-producing eligible central business improvement district property shall be taken in the tax year in which the eligible central business improvement district property is placed in service.
(2) The investment tax credit for a qualified project covering residential eligible central business improvement district property or other nonincome-producing eligible central business improvement district property shall be taken in the tax year the qualified project is completed.
(d) A taxpayer who receives an investment tax credit under this section shall not claim any other state or local tax credit or deduction based on the qualified rehabilitation or development expenditures except for the deduction for normal depreciation of the eligible central business improvement district property.
(e)(1) The Department of Finance and Administration shall maintain an ongoing record of the eligibility certificates awarded each fiscal year.
(2) The department shall only issue investment tax credits up to one million dollars ($1,000,000) in any one (1) fiscal year
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-2407
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:26-51-2407
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 6cd970e962a2ae2d345665ec0b958ece0dab17db6f285f434d9181c68b9f8ba0
Source location: content.xml paragraph 17004
Stored source content
26-51-2407. Investment tax credits.
(a) There is allowed an investment tax credit against the tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., for any taxpayer incurring costs and expenses that are qualified rehabilitation or development expenditures of eligible central business improvement district property.
(b) The investment tax credit is equal to twenty-five percent (25%) of qualified rehabilitation or development expenditures incurred for a qualified project up to the first:
(1) Five hundred thousand dollars ($500,000) on income-producing property; or
(2) Two hundred thousand dollars ($200,000) on nonincome-producing property.
(c)(1) The investment tax credit for a qualified project covering income-producing eligible central business improvement district property shall be taken in the tax year in which the eligible central business improvement district property is placed in service.
(2) The investment tax credit for a qualified project covering residential eligible central business improvement district property or other nonincome-producing eligible central business improvement district property shall be taken in the tax year the qualified project is completed.
(d) A taxpayer who receives an investment tax credit under this section shall not claim any other state or local tax credit or deduction based on the qualified rehabilitation or development expenditures except for the deduction for normal depreciation of the eligible central business improvement district property.
(e)(1) The Department of Finance and Administration shall maintain an ongoing record of the eligibility certificates awarded each fiscal year.
(2) The department shall only issue investment tax credits up to one million dollars ($1,000,000) in any one (1) fiscal year on a first-come, first-served basis.
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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.