Browse Arkansas Code titles and sections
26-52-429. Gas and energy produced from biomass — Definition.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-52-429. Gas and energy produced from biomass — Definition.
(a)(1) The gross receipts or gross proceeds derived from the sale of gas produced from biomass in a facility meeting all of the eligibility requirements for the credit allowed under 26 U.S.C. § 45K, as in effect on December 31, 1996, and sold to an entity for the purpose of generating steam, hot air, or electricity to be sold to the gas producer are exempt from the tax levied by this chapter.
(2) The gross receipts or gross proceeds derived from the sale of steam, hot air, or electricity from the entity purchasing the gas produced from biomass in a facility meeting all of the eligibility requirements for the credit allowed under 26 U.S.C. § 45K, as in effect on December 31, 1996, to the gas producer are exempt from the tax levied by this chapter.
(b) As used in this section, “gas produced from biomass” means gas produced from any organic material other than:
(1) Oil and natural gas or any product thereof; or
(2) Coal, including lignite, or any product thereof.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-52-429
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:26-52-429
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 028be4b031a4f8730d5ede2aa31092eedc820dccdc7b9395f46a030d5164d4bb
Source location: content.xml paragraph 19560
Stored source content
26-52-429. Gas and energy produced from biomass — Definition.
(a)(1) The gross receipts or gross proceeds derived from the sale of gas produced from biomass in a facility meeting all of the eligibility requirements for the credit allowed under 26 U.S.C. § 45K, as in effect on December 31, 1996, and sold to an entity for the purpose of generating steam, hot air, or electricity to be sold to the gas producer are exempt from the tax levied by this chapter.
(2) The gross receipts or gross proceeds derived from the sale of steam, hot air, or electricity from the entity purchasing the gas produced from biomass in a facility meeting all of the eligibility requirements for the credit allowed under 26 U.S.C. § 45K, as in effect on December 31, 1996, to the gas producer are exempt from the tax levied by this chapter.
(b) As used in this section, “gas produced from biomass” means gas produced from any organic material other than:
(1) Oil and natural gas or any product thereof; or
(2) Coal, including lignite, or any product thereof.
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Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Allowance of credit** For purposes of section 38, the nonconventional source production credit determined under this section for the taxable year is an amount equal to—
(1) $3, multiplied by
(2) the barrel-of-oil equivalent of qualified fuels—
(A) sold by the taxpayer to an unrelated person during the taxable year, and
(B) the production of which is attributable to the taxpayer.
**(b) Limitations and adjustments**
(1) **Phaseout of credit** — The amount of the credit allowable under subsection (a) shall be reduced by an amount which bears the same ratio to the amount of the credit (determined without regard to this paragraph) as—
(A) the amount by which the reference price for the calendar year in which the sale occurs exceeds $23.50, bears to
(B) $6.
(2) **Credit and phaseout adjustment based on inflation** — The $3 amount in subsection (a) and the $23.50 and $6 amounts in paragraph (1) shall each be adjusted by multiplying such amount by the inflation adjustment factor for the calendar year in which the sale occurs. In the case of gas from a tight formation, the $3 amount in subsection (a) shall not be adjusted.
(3) **Credit reduced for grants, tax-exempt bonds, and subsidized energy financing**
(A) *In general* — The amount of the credit allowable under subsection (a) with respect to any project for any taxable year (determined after the application of paragraphs (1) and (2)) shall be reduced by the amount which is the product of the amount so determined for such year and a fraction—
(i) the numerator of which is the sum, for the taxable year and all prior taxable years, of—
(I) grants provided by the United States, a State, or a political subdivision of a State for use in connection with the project,
(II) proceeds of any
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 45K
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 45K. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 284
TITLE 26—INTERNAL REVENUE CODE
§ 45K
115–123, div. D, title I, § 40501(a), (b)(1), Feb. 9,
2018, 132 Stat. 153.)
Editorial Notes
REFERENCES IN TEXT
The date of the enactment of this section and the
date of the enactment of this paragraph, referred to in
subsecs. (b)(4) and (d)(1)(B), are the date of enactment
of Pub. L. 109–58, which was approved Aug. 8, 2005.
The Rural Electrification Act of 1936, referred to in
subsec. (e)(2)(A)(iii), is act May 20, 1936, ch. 432, 49 Stat.
1363, which is classified generally to chapter 31 (§ 901 et
seq.) of Title 7, Agriculture. For complete classification
of this Act to the Code, see section 901 of Title 7 and
Tables.
AMENDMENTS
2018—Subsec. (b)(4). Pub. L. 115–123, § 40501(a)(1), in-
serted ‘‘or any amendment to’’ after ‘‘enactment of’’.
Subsec. (b)(5). Pub. L. 115–123, § 40501(a)(2), added par.
(5).
Subsecs. (e), (f). Pub. L. 115–123, § 40501(b)(1), added
subsec. (e) and redesignated former subsec. (e) as (f).
2007—Subsec. (b)(2). Pub. L. 110–172 reenacted heading
without change and amended text generally. Prior to
amendment, text read as follows: ‘‘The national mega-
watt capacity limitation shall be 6,000 megawatts.’’
2005—Subsec. (c)(2). Pub. L. 109–135, § 402(d)(1), amend-
ed heading and text of par. (2) generally. Prior to
amendment, text read as follows: ‘‘Rules similar to the
rules of section 45(b)(1) shall apply for purposes of this
section.’’
Subsec. (e). Pub. L. 109–135, § 402(d)(2), struck out
‘‘(2),’’ after ‘‘(1),’’.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2018 AMENDMENT
Pub. L. 115–123, div. D, title I, § 40501(c), Feb. 9, 2018,
132 Stat. 154, provided that:
‘‘(1) TREATMENT OF UNUTILIZED LIMITATION AMOUNTS.—
The amendment made by subsection (a) [amending this
s
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 45K
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 45K. This identifies an authority to review, not proof of applicability.