Browse Arkansas Code titles and sections
26-51-316. Disaster relief payments and rebates.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-316. Disaster relief payments and rebates.
(a) There is allowed an exemption from the income tax imposed under this chapter for:
(1) Payments made to a taxpayer by the United States Department of Agriculture under the Market Facilitation Program authorized by 15 U.S.C. § 714c, as it existed on January 1, 2020; and
(2) Recovery rebates provided by the United States Department of the Treasury under Section 2201 of the Coronavirus Aid, Relief, and Economic Security Act, Pub. L. No. 116-136.
(b) Expenses for losses related to the receipt of a payment from the Market Facilitation Program to a taxpayer 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) · 26-51-316
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:26-51-316
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 23a7aa879ff764a6346d14b50747ce84589006d9c8d41ab89513108be87abb6d
Source location: content.xml paragraph 11990
Stored source content
26-51-316. Disaster relief payments and rebates.
(a) There is allowed an exemption from the income tax imposed under this chapter for:
(1) Payments made to a taxpayer by the United States Department of Agriculture under the Market Facilitation Program authorized by 15 U.S.C. § 714c, as it existed on January 1, 2020; and
(2) Recovery rebates provided by the United States Department of the Treasury under Section 2201 of the Coronavirus Aid, Relief, and Economic Security Act, Pub. L. No. 116-136.
(b) Expenses for losses related to the receipt of a payment from the Market Facilitation Program to a taxpayer 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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Federal law — U.S. Code and appendices · legal_authorities
In the fulfillment of its purposes and in carrying out its annual budget programs submitted to and approved by the Congress pursuant to chapter 91 of title 31, the Corporation is authorized to use its general powers only to—
**(a)** Support the prices of agricultural commodities (other than tobacco) through loans, purchases, payments, and other operations.
**(b)** Make available materials and facilities required in connection with the production and marketing of agricultural commodities (other than tobacco).
**(c)** Procure agricultural commodities (other than tobacco) for sale to other Government agencies, foreign governments, and domestic, foreign, or international relief or rehabilitation agencies, and to meet domestic requirements.
**(d)** Remove and dispose of or aid in the removal or disposition of surplus agricultural commodities (other than tobacco).
**(e)** Increase the domestic consumption of agricultural commodities (other than tobacco) by expanding or aiding in the expansion of domestic markets or by developing or aiding in the development of new and additional markets, marketing facilities, and uses for such commodities.
**(f)** Export or cause to be exported, or aid in the development of foreign markets for, agricultural commodities (other than tobacco) (including fish and fish products, without regard to whether such fish are harvested in aquacultural operations).
**(g)** Carry out conservation or environmental programs authorized by law.
**(h)** Carry out such other operations as the Congress may specifically authorize or provide for.In the Corporation’s purchasing and selling operations with respect to agricultural commodities (other than tobacco) (except sales to other Government agencies), and in the warehousing, transporting, processing, or h
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 714c
Stored review status: release_metadata_unconfirmed. The source passage cites 15 U.S.C. § 714c. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 1176
TITLE 15—COMMERCE AND TRADE
§ 714c
1949—Subsec. (c). Act June 7, 1949, § 5, conferred juris-
diction on the district courts ‘‘without regard to the
amount in controversy’’, enabled the Corporation and
persons having claims against the Corporation to plead
set-offs and counterclaims which are barred by the
statute of limitations, if, at the time the plaintiff’s
cause of action arose, the defendant’s cause of action
on which the set-off or counterclaim is based was not
barred by the statute of limitations, and provided that
certain claims against the United States could be
brought in the United States Court of Claims.
Subsec. (h). Act June 7, 1949, § 2, enabled the Corpora-
tion to acquire items of personal and real property to
be used in connection with the care, preservation, stor-
age, and handling of agricultural commodities con-
trolled by it, and enabled the Corporation to take liens
on real property as security for obligations owing to it
and to bid in on any execution or foreclosure sale to
protect its financial interests in the matter.
Statutory Notes and Related Subsidiaries
CHANGE OF NAME
National Military Establishment changed to Depart-
ment of Defense by act Aug. 10, 1949.
EFFECTIVE DATE OF 1998 AMENDMENT
Pub. L. 105–185, title V, § 521(b), June 23, 1998, 112 Stat.
580, provided that: ‘‘The amendment made by sub-
section (a) [amending this section] takes effect on Oc-
tober 1, 1997.’’
EFFECTIVE DATE OF 1992 AMENDMENT
Amendment by Pub. L. 102–572 effective Oct. 29, 1992,
see section 911 of Pub. L. 102–572, set out as a note
under section 171 of Title 28, Judiciary and Judicial
Procedure.
EFFECTIVE DATE OF 1982 AMENDMENT
Amendment by Pub. L. 97–164 effective Oct. 1, 1982,
see section 402 of Pub. L. 97–164, set out as a note
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 714c
Stored review status: historical_2024_not_currentness_verified. The source passage cites 15 U.S.C. § 714c. This identifies an authority to review, not proof of applicability.