Browse Arkansas Code titles and sections
26-51-509. Apprenticeship program — Definition.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-509. Apprenticeship program — Definition.
(a) As used in this section, “apprentice” means a worker who is at least sixteen (16) years of age and is employed:
(1) To learn an apprenticeable occupation under 29 C.F.R. § 29.1 et seq., as it existed on January 1, 1995; or
(2) In an apprenticeship or work-based learning program that meets:
(A) Either the standards of program design for a nationally recognized curriculum or business, industry, or trade association standards; and
(B) The criteria for vocationally approved apprentice or work-based learning programs.
(b)(1)(A) A taxpayer who employs an apprentice is allowed an income tax credit in the amount of two thousand dollars ($2,000) or ten percent (10%) of the wages earned by the apprentice, whichever is less, against the tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., for each apprentice.
(B) However, the total amount of the income tax credit that a taxpayer may claim under this section for a tax year shall not exceed ten thousand dollars ($10,000).
(2)(A) A partner's or member's distributive share of the income tax credit shall be determined by the partnership or limited liability company agreement, unless the agreement does not have substantial economic effect or does not provide for the allocation of the income tax credits.
(B) If the agreement does not have substantial economic effect or does not provide for the allocation of the income tax credit, the income tax credit shall be allocated according to the partner's or member's interest in the partnership or limited liability company, pursuant to 26 U.S.C. § 704(b), as in effect on January 1, 1995.
(c)(1) To claim the benefits of this section, a taxpayer shall obtain a certification from the following, certifying to the Depar
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-509
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:26-51-509
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 98466cb0361dd6789bf5c2c6b22202f27e9e6755c6d9fb7c576c10b2172b5179
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26-51-509. Apprenticeship program — Definition.
(a) As used in this section, “apprentice” means a worker who is at least sixteen (16) years of age and is employed:
(1) To learn an apprenticeable occupation under 29 C.F.R. § 29.1 et seq., as it existed on January 1, 1995; or
(2) In an apprenticeship or work-based learning program that meets:
(A) Either the standards of program design for a nationally recognized curriculum or business, industry, or trade association standards; and
(B) The criteria for vocationally approved apprentice or work-based learning programs.
(b)(1)(A) A taxpayer who employs an apprentice is allowed an income tax credit in the amount of two thousand dollars ($2,000) or ten percent (10%) of the wages earned by the apprentice, whichever is less, against the tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., for each apprentice.
(B) However, the total amount of the income tax credit that a taxpayer may claim under this section for a tax year shall not exceed ten thousand dollars ($10,000).
(2)(A) A partner's or member's distributive share of the income tax credit shall be determined by the partnership or limited liability company agreement, unless the agreement does not have substantial economic effect or does not provide for the allocation of the income tax credits.
(B) If the agreement does not have substantial economic effect or does not provide for the allocation of the income tax credit, the income tax credit shall be allocated according to the partner's or member's interest in the partnership or limited liability company, pursuant to 26 U.S.C. § 704(b), as in effect on January 1, 1995.
(c)(1) To claim the benefits of this section, a taxpayer shall obtain a certification from the following, certifying to the Department of Finance and Administration that the taxpayer has met all the requirements and qualifications stated in this section:
(A) If the apprentice is employed as described in subdivision (a)(1) of this section, the United States Office of Apprenticeship; or
(B) If the apprentice is employed as described in subdivision (a)(2) of this section, the Office of Skills Development.
(2) The certification to the department shall include the total amount of wages paid to each apprentice employed by the taxpayer or organization exempt from taxation under 26 U.S.C. § 501(c)(3) in the taxable year for which the taxpayer claims the income tax credit provided in this section.
(d)(1) The amount of the income tax credit that may be used by a taxpayer for a taxable year may not exceed the amount of individual or corporate income tax otherwise due.
(2) Any unused income tax credit may be carried over for a maximum of two (2) consecutive taxable years.
(e) If the business is an S corporation, the pass-through provisions of § 26-51-409, as in effect for the taxable year the income tax credit is earned, shall be applicable.
(f) A taxpayer who trains an apprentice as provided in subsection (b) of this section is entitled to the income tax credit provided in this section for the apprentice, even though the apprentice receives his or her wages for such training from an organization exempt from taxation under 26 U.S.C. § 501(c)(3).
(g)(1) The department shall promulgate such rules as may be deemed necessary to carry out the purposes of this section.
(2) The department shall consult with the United States Office of Apprenticeship and the Office of Skills Development during the promulgation of the rules.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Exemption from taxation** An organization described in subsection (c) or (d) or section 401(a) shall be exempt from taxation under this subtitle unless such exemption is denied under section 502 or 503.
**(b) Tax on unrelated business income and certain other activities** An organization exempt from taxation under subsection (a) shall be subject to tax to the extent provided in parts II, III, and VI of this subchapter, but (notwithstanding parts II, III, and VI of this subchapter) shall be considered an organization exempt from income taxes for the purpose of any law which refers to organizations exempt from income taxes.
**(c) List of exempt organizations** The following organizations are referred to in subsection (a):
(1) Any corporation organized under Act of Congress which is an instrumentality of the United States but only if such corporation—
(A) is exempt from Federal income taxes—
(i) under such Act as amended and supplemented before July 18, 1984, or
(ii) under this title without regard to any provision of law which is not contained in this title and which is not contained in a revenue Act, or
(B) is described in subsection (l).
(2) Corporations organized for the exclusive purpose of holding title to property, collecting income therefrom, and turning over the entire amount thereof, less expenses, to an organization which itself is exempt under this section. Rules similar to the rules of subparagraph (G) of paragraph (25) shall apply for purposes of this paragraph.
(3) Corporations, and any community chest, fund, or foundation, organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes, or to foster national or international amateur sports competition (but only
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 501
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 501. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 1660
TITLE 26—INTERNAL REVENUE CODE
§ 501
1 So in original. Probably should be ‘‘Certain savings entities.’’
and 1171–1177] or title XVIII [§§ 1800–1899A] of Pub. L.
99–514 require an amendment to any plan, such plan
amendment shall not be required to be made before the
first plan year beginning on or after Jan. 1, 1989, see
section 1140 of Pub. L. 99–514, as amended, set out as a
note under section 401 of this title.
TREATMENT OF TRANSFERS OF LAND BETWEEN
RELATED PARTIES
Pub. L. 99–514, title XVIII, § 1803(a)(9), Oct. 22, 1986, 100
Stat. 2794, provided that: ‘‘In the case of any sale or ex-
change before July 1, 1985, to which section 483(f) of the
Internal Revenue Code of 1954 [now 1986] (as in effect on
the day before the date of the enactment of Public Law
99–121 [Oct. 11, 1985]) applies, such section shall be
treated as providing that the discount rate to be used
for purposes of section 483(c)(1) of such Code shall be 6
percent, compounded semiannually.’’
TRANSITIONAL RULE FOR PURPOSES OF IMPUTED
INTEREST RULES
Provisions, respecting treatment of debt instruments
received in exchange for property, relating to special
rules for sales after Dec. 31, 1984, and before July 1, 1985,
general rule for assumptions of loans, exception for as-
sumptions of loans made on or before Oct. 15, 1984, and
exception for assumptions of loans with respect to cer-
tain property, see section 44(b)(4)–(7) of Pub. L. 98–369,
as amended, set out as an Effective Date note under
section 1271 of this title.
Subchapter F—Exempt Organizations
Part
I.
General rule.
II.
Private foundations.
III.
Taxation of business income of certain ex-
empt organizations.
IV.
Farmers’ cooperatives.
V.
Shipowners’ protection and indemnity asso-
ciations.
VI.
Political org
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 501
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 501. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Effect of partnership agreement** A partner’s distributive share of income, gain, loss, deduction, or credit shall, except as otherwise provided in this chapter, be determined by the partnership agreement.
**(b) Determination of distributive share** A partner’s distributive share of income, gain, loss, deduction, or credit (or item thereof) shall be determined in accordance with the partner’s interest in the partnership (determined by taking into account all facts and circumstances), if—
(1) the partnership agreement does not provide as to the partner’s distributive share of income, gain, loss, deduction, or credit (or item thereof), or
(2) the allocation to a partner under the agreement of income, gain, loss, deduction, or credit (or item thereof) does not have substantial economic effect.
**(c) Contributed property**
(1) **In general** — Under regulations prescribed by the Secretary—
(A) income, gain, loss, and deduction with respect to property contributed to the partnership by a partner shall be shared among the partners so as to take account of the variation between the basis of the property to the partnership and its fair market value at the time of contribution,
(B) if any property so contributed is distributed (directly or indirectly) by the partnership (other than to the contributing partner) within 7 years of being contributed—
(i) the contributing partner shall be treated as recognizing gain or loss (as the case may be) from the sale of such property in an amount equal to the gain or loss which would have been allocated to such partner under subparagraph (A) by reason of the variation described in subparagraph (A) if the property had been sold at its fair market value at the time of the distribution,
(ii) the character of such gain
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 704
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 704. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 1865
TITLE 26—INTERNAL REVENUE CODE
§ 704
Mar. 29, 1975, 89 Stat. 53; Pub. L. 94–455, title
XIX, § 1901(b)(21)(F), title XXI, § 2115(c)(2), Oct. 4,
1976, 90 Stat. 1798, 1909; Pub. L. 95–30, title I,
§ 101(d)(10), May 23, 1977, 91 Stat. 134; Pub. L.
96–589, § 2(e)(1), Dec. 24, 1980, 94 Stat. 3396; Pub. L.
99–514,
title
V,
§ 511(d)(2)(B),
title
VII,
§ 701(e)(4)(E), Oct. 22, 1986, 100 Stat. 2249, 2343;
Pub. L. 100–647, title I, § 1008(i), Nov. 10, 1988, 102
Stat. 3445; Pub. L. 103–66, title XIII, § 13150(c)(9),
Aug. 10, 1993, 107 Stat. 448.)
Editorial Notes
AMENDMENTS
1993—Subsec. (b)(1). Pub. L. 103–66 substituted ‘‘sub-
section (b)(5) or (c)(3)’’ for ‘‘subsection (b)(5)’’.
1988—Subsec. (b)(1). Pub. L. 100–647 substituted ‘‘sub-
section (b)(5)’’ for ‘‘subsection (b)(5) or (d)(4)’’.
1986—Subsec. (b). Pub. L. 99–514 struck out former
pars. (1) and (3) which related to elections under sec-
tions 57(c) and 163(d), respectively, and redesignated
former pars. (2), (4), and (5), as pars. (1), (2), and (3), re-
spectively.
1980—Subsec. (b). Pub. L. 96–589 inserted reference to
section 108(b)(5) and (d)(4).
1977—Subsec. (a)(2). Pub. L. 95–30 struck out subpar.
(A) which made reference to the standard deduction
provided in section 141, and redesignated subpars. (B) to
(G) as (A) to (F), respectively.
1976—Subsec. (a)(2)(G). Pub. L. 94–455, § 2115(c)(2), sub-
stituted ‘‘wells’’ for ‘‘production subject to the provi-
sions of section 613A(c)’’.
Subsec. (b). Pub. L. 94–455, § 1901(b)(21)(F), struck out
‘‘under section 615 (relating to pre-1970 exploration ex-
penditures),’’ after ‘‘of the United States, and any elec-
tion’’.
1975—Subsec. (a)(2)(G). Pub. L. 94–12 added subpar.
(G).
1971—Subsec. (b). Pub. L. 92–178 substituted ‘‘,’’ for
‘‘or’’ after
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 704
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 704. This identifies an authority to review, not proof of applicability.
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.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-409. Federal Subchapter S adopted.
(a) Subchapter S of the Internal Revenue Code, 26 U.S.C. § 1361 et seq., as in effect on January 1, 2019, regarding small business corporations, is adopted for the purpose of computing Arkansas income tax liability.
(b)(1)(A) A corporation shall be treated as a Subchapter S corporation for Arkansas income tax purposes if the corporation has elected Subchapter S treatment for federal income tax purposes for the same tax year.
(B) An election made under Subchapter S of the Internal Revenue Code, 26 U.S.C. § 1361 et seq., for federal income tax purposes is deemed to have been made for Arkansas income tax purposes.
(2) A corporation that has elected to be treated as a Subchapter S corporation for federal income tax purposes shall not elect to be treated as a Subchapter C corporation for Arkansas income tax purposes.
(3) When filing an Arkansas Subchapter S income tax return, a corporation shall attach to its Arkansas Subchapter S income tax return a complete copy of the corporation's federal Subchapter S income tax return filed with the Internal Revenue Service for that taxable year.
(c)(1) However, all nonresident shareholders of Subchapter S corporations receiving a prorated share of income, loss, deduction, or credit pursuant to the provisions of this section must file a properly executed state income tax return with the Secretary of the Department of Finance and Administration and remit the applicable state income tax due.
(2) Failure to so report and remit on the part of any nonresident shareholder shall be grounds upon which the secretary may revoke the corporation's Subchapter S election and collect the tax from the corporation by any manner authorized by the Income Tax Act of 1929, § 26-51-101 et seq.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-409
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 26-51-409. This identifies an authority to review, not proof of applicability.