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26-51-437. Miscellaneous itemized deductions — Definition.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-437. Miscellaneous itemized deductions — Definition.
(a) In the case of an individual, the miscellaneous itemized deductions for any taxable year shall be allowed only to the extent that the aggregate of those deductions exceeds two percent (2%) of adjusted gross income.
(b) As used in this section, “miscellaneous itemized deductions” means the itemized deductions other than:
(1) The deduction allowed under § 26-51-423(a)(1) relating to expenses in carrying on a trade or business. However, employee business expenses which are not reimbursed by the employer are miscellaneous itemized deductions;
(2) The deduction allowed under § 26-51-423(a)(2) relating to medical, dental, drug, and related healthcare expenses;
(3) The deduction allowed under § 26-51-415 relating to interest;
(4) The deduction allowed under § 26-51-416 relating to taxes;
(5) The deduction allowed under § 26-51-424 relating to losses;
(6) The deduction allowed under § 26-51-419 relating to charitable contributions;
(7) The deduction allowed under § 26-51-422 relating to the donation of artistic, literary, and musical creations; and
(8) The deduction allowed under § 26-51-418.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-437
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:26-51-437
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 63397d260079e01bd1d41dd190d9dfb82c7dcc906680180fc19d3d3d39205a15
Source location: content.xml paragraph 12965
Stored source content
26-51-437. Miscellaneous itemized deductions — Definition.
(a) In the case of an individual, the miscellaneous itemized deductions for any taxable year shall be allowed only to the extent that the aggregate of those deductions exceeds two percent (2%) of adjusted gross income.
(b) As used in this section, “miscellaneous itemized deductions” means the itemized deductions other than:
(1) The deduction allowed under § 26-51-423(a)(1) relating to expenses in carrying on a trade or business. However, employee business expenses which are not reimbursed by the employer are miscellaneous itemized deductions;
(2) The deduction allowed under § 26-51-423(a)(2) relating to medical, dental, drug, and related healthcare expenses;
(3) The deduction allowed under § 26-51-415 relating to interest;
(4) The deduction allowed under § 26-51-416 relating to taxes;
(5) The deduction allowed under § 26-51-424 relating to losses;
(6) The deduction allowed under § 26-51-419 relating to charitable contributions;
(7) The deduction allowed under § 26-51-422 relating to the donation of artistic, literary, and musical creations; and
(8) The deduction allowed under § 26-51-418.
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Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-415. Deductions — Interest.
Title 26 U.S.C. § 163, as in effect on January 1, 2017, regarding deductions for interest expenses, is adopted for the purpose of computing Arkansas income tax liability.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-415
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 26-51-415. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-416. Deductions — Taxes.
In computing net income, there shall be allowed as deductions taxes paid or accrued within the income year, imposed by the authority of the United States or any of its possessions or of any state, territory, or any political subdivision of any state or territory, or the District of Columbia, or of any foreign country, except estate, succession, or inheritance taxes or except income taxes imposed by the Income Tax Act of 1929, § 26-51-101 et seq., and taxes assessed for local benefits of a kind tending to increase the value of the property assessed for those benefits. However, the deductions allowed in this section for taxes shall not include any allowances or deductions for federal income taxes paid or accrued by the taxpayer within the income year which are imposed by the authority of the United States or any of its possessions; nor shall individuals be allowed an itemized deduction for general sales or use taxes imposed by the authority of any state or subdivision thereof, or for the cost of license plates or drivers' licenses, or for motor fuel or special motor fuel taxes.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-416
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 26-51-416. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-423. Deductions — Expenses.
(a) In computing net income, there shall be allowed as deductions the following expenses:
(1) Business Expenses. All of 26 U.S.C. § 162, except subsection (n), as in effect on January 1, 2019, regarding trade or business expenses, is adopted for the purpose of computing Arkansas income tax liability;
(2) Medical and Dental Expenses. Title 26 U.S.C. § 213, as in effect on January 1, 2011, is adopted in computing the medical and dental expense deduction under the state income tax law;
(3) Travel Expenses. In determining travel expenses deductible as a business expense in computing net income as provided under subdivision (a)(1) of this section, the deduction for vehicle miles shall be determined by the Secretary of the Department of Finance and Administration under his or her regulatory authority in § 26-18-301; and
(4) Moving Expenses. Title 26 U.S.C. § 217, as in effect on January 1, 2011, regarding the deduction of moving expenses, is adopted for the purpose of computing Arkansas income tax liability.
(b) Title 26 U.S.C. § 274, as in effect on January 1, 2019, regarding the deduction of expenses for entertainment, amusement, recreation, business meals, travel, et cetera, is adopted for the purpose of computing Arkansas income tax liability.
(c)(1) An individual who is self-employed shall be allowed a deduction equal to the applicable percentage as set forth in 26 U.S.C. § 162(l)(1)(B) as in effect on January 1, 1999, of the amount paid during the taxable year for insurance which constitutes medical care for the taxpayer, his or her spouse, and his or her dependents.
(2)(A) No deduction shall be allowed under this subsection to the extent that the amount of the deduction exceeds the taxpayer's earned income deriv
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-423
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 26-51-423. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-424. Deductions — Losses.
(a)(1) In computing net income there shall be allowed as a deduction any loss sustained during the income year and not compensated for by insurance or otherwise.
(2) In the case of an individual, the deduction under subdivision (a)(1) of this section shall be limited to:
(A) Losses incurred in a trade or business; or
(B) Losses incurred in any transaction entered into for profit, though not connected with the trade or business, including without limitation gambling losses, which are:
(i) Deductible to the extent of gambling winnings; and
(ii) Not subject to the two percent (2%) limitation on miscellaneous itemized deductions.
(b) Title 26 U.S.C. § 165(h) and (i), as in effect on January 1, 2009, regarding losses arising from a casualty or a disaster, are adopted for the purpose of computing Arkansas income tax liability.
(c) Title 26 U.S.C. § 183, as in effect on January 1, 1999, regarding hobby losses, is adopted for the purpose of computing Arkansas income tax liability.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-424
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 26-51-424. This identifies an authority to review, not proof of applicability.