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26-51-314. Payments from an agricultural disaster program to a cattle farmer or cattle rancher — Definition.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-314. Payments from an agricultural disaster program to a cattle farmer or cattle rancher — Definition.
(a) As used in this section, “agricultural disaster program” means a program that provides compensation to a cattle farmer or cattle rancher who has suffered a loss as the result of an emergency, a disaster, or declining market prices or value, including without limitation the following programs:
(1) Livestock Forage Disaster Program;
(2) Livestock Indemnity Program;
(3) Emergency Assistance for Livestock, Honeybees, and Farm-Raised Fish;
(4) Emergency Conservation Program;
(5) Noninsured Crop Disaster Assistance Program;
(6) Pasture, Rangeland, Forage Pilot Insurance Program;
(7) Annual Forage pilot program;
(8) Livestock Risk Protection insurance plan; and
(9) Livestock Gross Margin insurance plan.
(b) There is allowed an exemption from the income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., for payments made to a cattle farmer or cattle rancher from an agricultural disaster program.
(c) Expenses for losses related to the receipt of a payment from an agricultural disaster program to a cattle farmer or cattle rancher are not deductible or otherwise permitted to offset any other income from the tax year in which the loss or expenses are incurred.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-314
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:26-51-314
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 336fe5dd1cb18726a02b93f5ba97bcdcbbb53a704b00e298544f1ffb5e751ba7
Source location: content.xml paragraph 11963
Stored source content
26-51-314. Payments from an agricultural disaster program to a cattle farmer or cattle rancher — Definition.
(a) As used in this section, “agricultural disaster program” means a program that provides compensation to a cattle farmer or cattle rancher who has suffered a loss as the result of an emergency, a disaster, or declining market prices or value, including without limitation the following programs:
(1) Livestock Forage Disaster Program;
(2) Livestock Indemnity Program;
(3) Emergency Assistance for Livestock, Honeybees, and Farm-Raised Fish;
(4) Emergency Conservation Program;
(5) Noninsured Crop Disaster Assistance Program;
(6) Pasture, Rangeland, Forage Pilot Insurance Program;
(7) Annual Forage pilot program;
(8) Livestock Risk Protection insurance plan; and
(9) Livestock Gross Margin insurance plan.
(b) There is allowed an exemption from the income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., for payments made to a cattle farmer or cattle rancher from an agricultural disaster program.
(c) Expenses for losses related to the receipt of a payment from an agricultural disaster program to a cattle farmer or cattle rancher are not deductible or otherwise permitted to offset any other income from the tax year in which the loss or expenses are incurred.
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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.