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26-51-460. Opportunity zones — Definition.

Arkansas Code — all titles (historical 2020) · legal_authorities

26-51-460. Opportunity zones — Definition.

26-51-460. Opportunity zones — Definition. (a) Except as provided in subsection (b) of this section, 26 U.S.C. § 1400Z-2, as in effect on January 1, 2018, regarding opportunity zones, is adopted for the purpose of computing Arkansas income tax liability. (b) As used in this section and for purposes of the adoption of 26 U.S.C. § 1400Z-2, “opportunity zone” means a population census tract located in Arkansas that is designated as a qualified opportunity zone under 26 U.S.C. § 1400Z-1, as of January 1, 2019.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-460

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:26-51-460
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 0717d8ef2955b1f8cfaa1b07b61435382b3278c27aee1dddf492c2a5cfb5f813

Source location: content.xml paragraph 13217

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 1400Z-1 — Designation

Page 2497 TITLE 26—INTERNAL REVENUE CODE § 1400Z–1 1 So in original. Probably should be ‘‘paragraph),’’. ‘‘(xx) in the case of the repeal of section 1400T of such Code, financing provided before January 1, 2011, and ‘‘(xxi) in the case of the repeal of part III [§§ 1400U–1 to 1400U–3] of subchapter Y of chapter 1 of such Code, obligations issued before January 1, 2011.’’ For provisions that nothing in repeal by Pub. L. 115–141 be construed to affect treatment of certain transactions occurring, property acquired, or items of income, loss, deduction, or credit taken into account prior to Mar. 23, 2018, for purposes of determining li- ability for tax for periods ending after Mar. 23, 2018, see section 401(e) of Pub. L. 115–141, set out as a note under section 23 of this title. Subchapter Z—Opportunity Zones Sec. 1400Z–1. Designation. 1400Z–2. Special rules for capital gains invested in op- portunity zones. § 1400Z–1. Designation (a) Qualified opportunity zone defined For the purposes of this subchapter, the term ‘‘qualified opportunity zone’’ means a popu- lation census tract that is a low-income commu- nity that is designated as a qualified oppor- tunity zone. (b) Designation (1) In general For purposes of subsection (a), a population census tract that is a low-income community is designated as a qualified opportunity zone if— (A) not later than the end of the deter- mination period, the chief executive officer of the State in which the tract is located— (i) nominates the tract for designation as a qualified opportunity zone, and (ii) notifies the Secretary in writing of such nomination, and (B) the Secretary certifies such nomina- tion and designates such tract as a qualified opportunity zone before the end of the con- sideration period. (2

Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 1400Z-1

Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 1400Z-1. This identifies an authority to review, not proof of applicability.

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 1400Z-2 — Special rules for capital gains invested

Page 2498 TITLE 26—INTERNAL REVENUE CODE § 1400Z–2 AMENDMENTS 2018—Subsec. (b)(3). Pub. L. 115–123, § 41115(a), added par. (3). Subsec. (d)(1). Pub. L. 115–123, § 41115(b), inserted ‘‘and subsection (b)(3)’’ after ‘‘paragraph (2)’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective on Dec. 22, 2017, see section 13823(d) of Pub. L. 115–97, set out as an Effective Date of 2017 Amendment note under section 1016 of this title. § 1400Z–2. Special rules for capital gains invested in opportunity zones (a) In general (1) Treatment of gains In the case of gain from the sale to, or ex- change with, an unrelated person of any prop- erty held by the taxpayer, at the election of the taxpayer— (A) gross income for the taxable year shall not include so much of such gain as does not exceed the aggregate amount invested by the taxpayer in a qualified opportunity fund during the 180-day period beginning on the date of such sale or exchange, (B) the amount of gain excluded by sub- paragraph (A) shall be included in gross in- come as provided by subsection (b), and (C) subsection (c) shall apply. (2) Election No election may be made under paragraph (1)— (A) with respect to a sale or exchange if an election previously made with respect to such sale or exchange is in effect, or (B) with respect to any sale or exchange after December 31, 2026. (b) Deferral of gain invested in opportunity zone property (1) Year of inclusion Gain to which subsection (a)(1)(B) applies shall be included in income in the taxable year which includes the earlier of— (A) the date on which such investment is sold or exchanged, or (B) December 31, 2026. (2) Amount includible (A) In general The amount of gain included in gross in- come under subsection (a)(1

Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 1400Z-2

Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 1400Z-2. This identifies an authority to review, not proof of applicability.