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26-51-512. Rice straw tax credit — Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-512. Rice straw tax credit — Definitions.
(a) As used in this section:
(1) “End user” means a person who purchases and uses rice straw for processing, manufacturing, generating energy, or producing ethanol; and
(2) “Rice straw” means the dry stems of rice left after the seed heads have been removed.
(b)(1) There is allowed a credit against the income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., in the amount of fifteen dollars ($15.00) for each ton of rice straw over five hundred (500) tons that is purchased by an Arkansas taxpayer who is the end user.
(2) The amount of credit that may be used by the taxpayer for a taxable year may not exceed fifty percent (50%) of the amount of income tax due for that tax year.
(3) Any unused credit may be carried forward for ten (10) consecutive tax years following the tax year the credit was earned.
(c) A taxpayer who claims a credit under this section shall not claim any other state tax credit or deduction for the purchase of rice straw.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-512
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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Record provenance
Stable record: arkansas_code:legal_authorities:26-51-512
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 0761fa331f0a8dadccadb002f20821bf015037070e9a54a6beb769bce1647361
Source location: content.xml paragraph 13828
Stored source content
26-51-512. Rice straw tax credit — Definitions.
(a) As used in this section:
(1) “End user” means a person who purchases and uses rice straw for processing, manufacturing, generating energy, or producing ethanol; and
(2) “Rice straw” means the dry stems of rice left after the seed heads have been removed.
(b)(1) There is allowed a credit against the income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., in the amount of fifteen dollars ($15.00) for each ton of rice straw over five hundred (500) tons that is purchased by an Arkansas taxpayer who is the end user.
(2) The amount of credit that may be used by the taxpayer for a taxable year may not exceed fifty percent (50%) of the amount of income tax due for that tax year.
(3) Any unused credit may be carried forward for ten (10) consecutive tax years following the tax year the credit was earned.
(c) A taxpayer who claims a credit under this section shall not claim any other state tax credit or deduction for the purchase of rice straw.
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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.