Browse Arkansas Code titles and sections
26-51-2602. Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-2602. Definitions.
As used in this subchapter:
(1) “Arkansas major historic rehabilitation income tax credit” means the income tax credit allowed under this subchapter against the income tax imposed by this chapter and the premium tax levied under §§ 26-57-601 — 26-57-605;
(2) “Certification of completion” means a certificate issued by the Division of Arkansas Heritage certifying that a project is a certified rehabilitation of an eligible property that qualifies for the Arkansas major historic rehabilitation income tax credit;
(3) “Certified rehabilitation” means the total of appropriate and approved rehabilitation work on an eligible property that results in a substantial rehabilitation of an eligible property that has been issued an eligibility certificate;
(4) “Eligible property” means property that is located in the state that:
(A) Qualifies as a certified historic structure under 26 U.S.C. § 47, as it existed on January 1, 2019;
(B) Will qualify as a certified historic structure following certified rehabilitation;
(C) Is listed in the National Register of Historic Places;
(D) Is designated as contributing to a district listed in the National Register of Historic Places; or
(E) Is eligible for designation as contributing to a district listed in the National Register of Historic Places following certified rehabilitation;
(5) “Federal rehabilitation tax credit” means the federal tax credit provided under 26 U.S.C. § 47, as it existed on January 1, 2009;
(6) “Holder” means the holder of a certification of completion that is:
(A) A person, firm, or corporation subject to the income tax imposed by this chapter; or
(B) An insurance company paying the premium tax on its gross premium receipts;
(7) “Owner” means a person or an entity that
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-2602
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.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:26-51-2602
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 936799cce8cf105704dad6931643b21e172d060475d470d4fa286b5497f77aa7
Source location: content.xml paragraph 17316
Stored source content
26-51-2602. Definitions.
As used in this subchapter:
(1) “Arkansas major historic rehabilitation income tax credit” means the income tax credit allowed under this subchapter against the income tax imposed by this chapter and the premium tax levied under §§ 26-57-601 — 26-57-605;
(2) “Certification of completion” means a certificate issued by the Division of Arkansas Heritage certifying that a project is a certified rehabilitation of an eligible property that qualifies for the Arkansas major historic rehabilitation income tax credit;
(3) “Certified rehabilitation” means the total of appropriate and approved rehabilitation work on an eligible property that results in a substantial rehabilitation of an eligible property that has been issued an eligibility certificate;
(4) “Eligible property” means property that is located in the state that:
(A) Qualifies as a certified historic structure under 26 U.S.C. § 47, as it existed on January 1, 2019;
(B) Will qualify as a certified historic structure following certified rehabilitation;
(C) Is listed in the National Register of Historic Places;
(D) Is designated as contributing to a district listed in the National Register of Historic Places; or
(E) Is eligible for designation as contributing to a district listed in the National Register of Historic Places following certified rehabilitation;
(5) “Federal rehabilitation tax credit” means the federal tax credit provided under 26 U.S.C. § 47, as it existed on January 1, 2009;
(6) “Holder” means the holder of a certification of completion that is:
(A) A person, firm, or corporation subject to the income tax imposed by this chapter; or
(B) An insurance company paying the premium tax on its gross premium receipts;
(7) “Owner” means a person or an entity that owns eligible property and is the initial recipient of the certification of completion from the division;
(8) “Premium tax” means a tax levied under §§ 26-57-603 — 26-57-605; and
(9) “Qualified rehabilitation expenses” means costs and expenses incurred to complete a certified rehabilitation that are qualified rehabilitation expenses under the federal rehabilitation tax credit or under the Arkansas major historic rehabilitation income tax credit.
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) General rule**
(1) **In general** — For purposes of section 46, for any taxable year during the 5-year period beginning in the taxable year in which a qualified rehabilitated building is placed in service, the rehabilitation credit for such year is an amount equal to the ratable share for such year.
(2) **Ratable share** — For purposes of paragraph (1), the ratable share for any taxable year during the period described in such paragraph is the amount equal to 20 percent of the qualified rehabilitation expenditures with respect to the qualified rehabilitated building, as allocated ratably to each year during such period.
**(b) When expenditures taken into account**
(1) **In general** — Qualified rehabilitation expenditures with respect to any qualified rehabilitated building shall be taken into account for the taxable year in which such qualified rehabilitated building is placed in service.
(2) **Coordination with subsection (d)** — The amount which would (but for this paragraph) be taken into account under paragraph (1) with respect to any qualified rehabilitated building shall be reduced (but not below zero) by any amount of qualified rehabilitation expenditures taken into account under subsection (d) by the taxpayer or a predecessor of the taxpayer (or, in the case of a sale and leaseback described in section 50(a)(2)(C), by the lessee), to the extent any amount so taken into account has not been required to be recaptured under section 50(a).
**(c) Definitions** For purposes of this section—
(1) **Qualified rehabilitated building**
(A) *In general* — The term “qualified rehabilitated building” means any building (and its structural components) if—
(i) such building has been substantially rehabilitated,
(ii) such building was placed in service
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 47
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 47. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 334
TITLE 26—INTERNAL REVENUE CODE
§ 47
mission having appropriate jurisdiction, a regulated
public utility would (but for this provision) fail to meet
the requirements of paragraph (1) or (2) of section 46(f)
of the Internal Revenue Code of 1986 [formerly I.R.C.
1954] with respect to property for an accounting period
ending after December 31, 1980, such regulated public
utility shall not fail to meet such requirements if, by
the terms of its first rate order determining cost of
service with respect to such property which becomes ef-
fective after the date of the enactment of this Act and
on or before January 1, 1983, such regulated public util-
ity meets such requirements. This provision shall not
apply to any rate order which, under the rules in effect
before the date of the enactment of this Act was incon-
sistent with the requirements of paragraph (1) or (2) of
section 46(f) of such Code (whichever would have been
applicable).’’
PLAN REQUIREMENTS FOR TAXPAYERS ELECTING
ADDITIONAL CREDITS
Pub. L. 94–12, title III, § 301(d)–(f), Mar. 29, 1975, 89
Stat. 38, as amended by Pub. L. 94–455, title VIII,
§§ 802(b)(7), 803(c)–(e), Oct. 4, 1976, 90 Stat. 1583–1588, re-
lating to plan requirements for taxpayers electing addi-
tional credit, was repealed by Pub. L. 95–600, title I,
§ 141(f)(1), Nov. 6, 1978, 92 Stat. 2795.
PUBLIC
UTILITY
PROPERTY
SUBJECT
TO
SUBSEC. (e);
PROVISIONS RESPECTING TREATMENT
OF INVESTMENT
CREDIT BY FEDERAL REGULATORY AGENCIES INAPPLI-
CABLE
Pub. L. 92–178, title I, § 105(e), Dec. 10, 1971, 85 Stat.
506, as amended by Pub. L. 99–514, § 2, Oct. 22, 1986, 100
Stat. 2095, provided that: ‘‘Section 203(e) of the Revenue
Act of 1964 [set out as note under section 38 of this
title] shall not apply to public utility property to
w
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 47
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 47. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-57-601. Tax additional.
The premium tax levied by §§ 26-57-603 — 26-57-605 shall be in addition to the tax paid by casualty companies and self-insurers writing workers' compensation insurance under the Workers' Compensation Law, § 11-9-101 et seq.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-57-601
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 26-57-601. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-57-603. Tax reports generally.
(a) Each authorized, each formerly authorized, and each unauthorized insurer as defined in § 23-60-102(12) shall file with the Insurance Commissioner on or before March 1 of each year a report in form as prescribed by the commissioner showing, except as to wet marine and foreign trade insurance as defined in § 26-57-605(d), total direct premium income including policy, membership, and other fees, and all other considerations for insurance, from all kinds and classes of insurance, whether designated as premium or otherwise, written by it during the preceding calendar year on account of policies and contracts covering property, subjects, or risks located, resident, or to be performed in this state, with proper proportionate allocation of premium as to the persons, property, subjects, or risks in this state insured under policies or contracts covering persons, property, subjects, or risks located or resident in more than one (1) state, after deducting from the total direct premium income dividends and similar returns paid or credited to policyholders other than as to life insurance, applicable cancellations, returned premiums, the unabsorbed portion of any deposit premium, and the amount of reduction in, or refund of, premiums allowed to industrial life policyholders for payment of premiums directly to an office of the insurer.
(b) No deduction shall be made of the cash surrender values of policies.
(c) Considerations received on annuity contracts shall not be included in total direct premium income and shall not be subject to tax.
(d) Each authorized, unauthorized, or formerly authorized domestic, foreign, and alien insurer shall pay to the Treasurer of State through the commissioner, as a tax imposed for the privilege of transact
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-57-603
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 26-57-603. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-57-605. Wet marine and foreign trade insurers — Report and remittance of tax.
(a) As to wet marine and foreign trade insurance written in this state during the preceding calendar year, on or before March 1 of each year, each authorized, unauthorized, or formerly authorized insurer shall file its report with the Insurance Commissioner, on forms as prescribed by the commissioner of its gross underwriting profit thereon.
(b) As a tax imposed for the privilege of transacting such wet marine and foreign trade insurance in this state, a tax of three-quarters of one percent (¾%) of the gross underwriting profit shall be reported and paid on a quarterly estimate basis at such times and upon forms as shall be prescribed by the commissioner and reconciled annually at the time of filing the annual report.
(c)(1) The gross underwriting profit shall be ascertained by deducting from the net premiums, which are the gross premiums less all return premiums and premiums for reinsurance, on wet marine and foreign trade insurance contracts, the net losses paid, which are the gross losses paid less salvage and recoveries on reinsurance ceded, during the calendar year under those contracts.
(2) In the case of insurers issuing participating contracts, the gross underwriting profit shall not include for computation of the tax prescribed by this section the amounts refunded or paid as participation dividends by the insurers to the holders of the contracts.
(d) As used in this subchapter, “wet marine and foreign trade insurance” includes only:
(1) Insurances upon vessels, crafts, hulls, and of interests therein, of, or with relations thereto;
(2) Insurance of marine builder's risks, marine war risks, and contracts of marine protection and indemnity insurance;
(3) Insurance of
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-57-605
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 26-57-605. This identifies an authority to review, not proof of applicability.