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26-51-511. Coal mining, producing, and extracting — Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-511. Coal mining, producing, and extracting — Definitions.
(a) As used in this section:
(1) “Coal mining enterprise” means:
(A) An Arkansas taxpayer primarily engaged in surface or highwall mining, producing, or extracting coal in Arkansas; and
(B) A holder of a valid mining permit issued by the Division of Environmental Quality to allow surface or highwall mining;
(2) “Eligible transferee” means any Arkansas taxpayer subject to the Income Tax Act of 1929, § 26-51-101 et seq., the premium tax imposed by § 23-75-119, or the premium tax imposed by § 23-63-1614; and
(3) “Taxpayer” means a coal mining enterprise or an eligible transferee.
(b)(1) There shall be allowed a credit against the income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., the premium tax imposed by § 23-75-119, or the premium tax imposed by § 23-63-1614 in an amount as determined in subsection (c) of this section for a taxpayer.
(2) A credit allowed under this section shall expire after five (5) tax years following the tax year in which the tax credit was earned.
(c)(1)(A) A credit of two dollars ($2.00) per ton of coal mined, produced, or extracted shall be allowed on each ton of coal mined in Arkansas by a coal mining enterprise in a tax year.
(B) An additional credit of three dollars ($3.00) per ton of coal mined, produced, or extracted shall be allowed on each ton of coal mined in Arkansas in excess of fifty thousand (50,000) tons by a coal mining enterprise in a tax year.
(2) A credit under this section is earned only if the coal is sold to an electric generation plant for less than forty dollars ($40.00) per ton excluding freight charges.
(3) At the election of the taxpayer, the credit may be treated as:
(A) Payment of a tax;
(B) Prepayment of a ta
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-511
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:26-51-511
Source file: gov.ar.code.title.26.odt
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Passage SHA-256: 7ec37f6d021f93f9309444d39843b3516cf57545ad72b42d70784069126dc897
Source location: content.xml paragraph 13795
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26-51-511. Coal mining, producing, and extracting — Definitions.
(a) As used in this section:
(1) “Coal mining enterprise” means:
(A) An Arkansas taxpayer primarily engaged in surface or highwall mining, producing, or extracting coal in Arkansas; and
(B) A holder of a valid mining permit issued by the Division of Environmental Quality to allow surface or highwall mining;
(2) “Eligible transferee” means any Arkansas taxpayer subject to the Income Tax Act of 1929, § 26-51-101 et seq., the premium tax imposed by § 23-75-119, or the premium tax imposed by § 23-63-1614; and
(3) “Taxpayer” means a coal mining enterprise or an eligible transferee.
(b)(1) There shall be allowed a credit against the income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., the premium tax imposed by § 23-75-119, or the premium tax imposed by § 23-63-1614 in an amount as determined in subsection (c) of this section for a taxpayer.
(2) A credit allowed under this section shall expire after five (5) tax years following the tax year in which the tax credit was earned.
(c)(1)(A) A credit of two dollars ($2.00) per ton of coal mined, produced, or extracted shall be allowed on each ton of coal mined in Arkansas by a coal mining enterprise in a tax year.
(B) An additional credit of three dollars ($3.00) per ton of coal mined, produced, or extracted shall be allowed on each ton of coal mined in Arkansas in excess of fifty thousand (50,000) tons by a coal mining enterprise in a tax year.
(2) A credit under this section is earned only if the coal is sold to an electric generation plant for less than forty dollars ($40.00) per ton excluding freight charges.
(3) At the election of the taxpayer, the credit may be treated as:
(A) Payment of a tax;
(B) Prepayment of a tax; or
(C) Prepayment of an estimated tax.
(d)(1) The credits allowed under this section shall be freely transferable by written agreement to subsequent transferees at any time during the five (5) years following the year the credit was earned.
(2) A coal mining enterprise that has earned a credit under this section may transfer the credit in writing to an eligible transferee.
(3)(A) The coal mining enterprise and the eligible transferee shall jointly file a copy of the written credit transfer agreement with the Secretary of the Department of Finance and Administration within thirty (30) days of the credit transfer.
(B) The written credit transfer agreement shall contain:
(i) The name of the parties to the transfer;
(ii) The amount of the credit transferred;
(iii) The tax year that the credit was originally earned by the coal mining enterprise; and
(iv) The tax year or years in which the credit may be claimed.
(C)(i) The Department of Finance and Administration shall promulgate rules to permit the verification of the validity and timeliness of a claimed tax credit that has been transferred under this subsection.
(ii) The rules shall not unduly restrict or hinder the transfers of credits under this section.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-1614. Premium tax — Definition.
(a) Except as provided in this section, a captive insurance company shall pay to the Insurance Commissioner by March 1 of each year, a tax at the rate of:
(1) Two hundred fifty thousandths of one percent (0.250%) on the first twenty million dollars ($20,000,000);
(2) One hundred fifty thousandths of one percent (0.150%) on the next twenty million dollars ($20,000,000); and
(3) Fifty thousandths of one percent (0.050%) on each dollar thereafter, on the direct premiums collected or contracted for on policies or contracts of insurance written by the captive insurance company during the year ending December 31 next preceding, after deducting from the direct premiums subject to the tax the amounts paid to policyholders as return premiums, which shall include dividends on unabsorbed premiums or premium deposits returned or credited to policyholders.
(b)(1) Except as provided in this section, a captive insurance company shall pay to the commissioner by March 1 of each year, a tax at the rate of:
(A) Two hundred twenty-five thousandths of one percent (0.225%) on the first twenty million dollars ($20,000,000) of assumed reinsurance premium;
(B) One hundred fifty thousandths of one percent (0.150%) on the next twenty million dollars ($20,000,000);
(C) Fifty thousandths of one percent (0.050%) on the next twenty million dollars ($20,000,000); and
(D) Twenty-five thousandths of one percent (0.025%) of each dollar thereafter.
(2) No reinsurance tax applies to premiums for risks or portions of risks that are subject to taxation on a direct basis under subsection (a) of this section.
(3) A premium tax is not payable in connection with the receipt of assets in exchange for the assumption of loss reserves and other liabilities
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-1614
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 23-63-1614. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-75-119. Premium tax.
(a) The officers of every foreign or alien corporation, and the officers of every domestic corporation, transacting business under this chapter shall, at the time of making its annual statement, file with the Insurance Commissioner a sworn statement of its net direct written premiums for the year ending December 31 next preceding from subscribers residing in this state and shall pay into the State Treasury a premium tax of two and one-half percent (2.5%) on its net direct written premiums in compliance with the provisions of § 26-57-601 et seq. as a tax for the privilege of transacting business in this state.
(b) No certificate of authority shall be renewed for any corporation until the tax is paid.
(c)(1) The tax shall be in lieu of other taxes, district or state, county or municipal, based on premiums written by the corporation in this state.
(2) No subdivision of this state may impose any license fee for the privilege of conducting business in any portion thereof.
(d) Pursuant to and subject to the conditions expressed in the provisions of § 26-57-604, the corporation is entitled to take against its premium taxes due an offset or credit for the salaries or wages of noncommissioned Arkansas employees of the corporation.
(e) Absent an extension granted by the commissioner for good cause, failure of any licensed corporation to report this net direct written premium tax or pay this net direct written premium tax, or both, shall subject the corporation to the applicable penalties of this chapter and § 26-57-601 et seq.
(f) Each hospital or medical service corporation shall have one (1) fiscal year following the reporting and payment year of a premium tax obligation to request a refund or credit for any premium tax overpayment amount,
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-75-119
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 23-75-119. 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.