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26-51-311. Qualified windmill blade manufacturing exemption.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-311. Qualified windmill blade manufacturing exemption.
(a) A qualified windmill blade manufacturer that meets the criteria found in subsection (b) of this section is exempt from income taxes levied under the Income Tax Act of 1929, § 26-51-101 et seq., until December 31, 2033.
(b) A windmill blade manufacturer shall meet the following criteria in order to claim the income tax exemption provided in subsection (a) of this section:
(1) Shall be classified in the North American Industry Classification System (NAICS) Code 333611, as in effect January 1, 2007;
(2) Shall locate in the state before December 31, 2007;
(3) Shall expend a minimum of one hundred fifty million dollars ($150,000,000) in the state within six (6) years of signing a financial incentive agreement with the Arkansas Economic Development Commission; and
(4) Shall hire a minimum of one thousand (1,000) employees in the state within six (6) years of signing a financial incentive agreement with the commission.
(c) If any of the criteria under subsection (b) of this section are not met, the income tax exemption in subsection (a) of this section shall expire in the year that the failure to meet any of the criteria for qualification occurs.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-311
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:26-51-311
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 14780aafd62e1eb7a16a1fd5fd97b36ad256f693f4f8111a52f7577a6472ccc9
Source location: content.xml paragraph 11884
Stored source content
26-51-311. Qualified windmill blade manufacturing exemption.
(a) A qualified windmill blade manufacturer that meets the criteria found in subsection (b) of this section is exempt from income taxes levied under the Income Tax Act of 1929, § 26-51-101 et seq., until December 31, 2033.
(b) A windmill blade manufacturer shall meet the following criteria in order to claim the income tax exemption provided in subsection (a) of this section:
(1) Shall be classified in the North American Industry Classification System (NAICS) Code 333611, as in effect January 1, 2007;
(2) Shall locate in the state before December 31, 2007;
(3) Shall expend a minimum of one hundred fifty million dollars ($150,000,000) in the state within six (6) years of signing a financial incentive agreement with the Arkansas Economic Development Commission; and
(4) Shall hire a minimum of one thousand (1,000) employees in the state within six (6) years of signing a financial incentive agreement with the commission.
(c) If any of the criteria under subsection (b) of this section are not met, the income tax exemption in subsection (a) of this section shall expire in the year that the failure to meet any of the criteria for qualification occurs.
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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.