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Arkansas Code Title 26. Taxation § 26-51-1104. Documentation required

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) To claim the credit granted by § 26-51-1102, the taxpayer shall provide the following for each piece of machinery and equipment donated, sold below cost, or purchased by a qualified educational institution with a cash donation:

(1) An affidavit from the receiving qualified educational institution that:

(A) The qualified educational institution has received the machinery and equipment;

(B) The machinery and equipment is new machinery and equipment within the meaning of this subchapter;

(C) The qualified educational institution received the machinery and equipment as a donation or, if the qualified educational institution purchased the machinery and equipment, a statement of the amount paid for the machinery and equipment; and

(D) The machinery and equipment has been donated, purchased by the qualified educational institution with a cash donation provided by a taxpayer, or sold to the qualified educational institution for use in a qualified education program or a qualified research program; and

(2)(A) In the case of a donation or sale by a retail or wholesale business, a copy of the invoice from the business' supplier showing the actual cost of the machinery and equipment.

(B) In the case of a donation or sale below cost by a manufacturer, a copy of the manufacturer's wholesale price list showing the lowest price of the machinery and equipment for which credit is claimed.

(C) In the case of a purchase by a qualified educational institution with a cash donation, itemized receipts documenting the amount of the cash donation and the purchase costs of the new machinery and equipment.

(b) To claim the credit granted by § 26-51-1102, the taxpayer shall show that the Director of the Arkansas Economic Development Commission and the Commissioner of the Division of Higher Education have approved the qualified research expenditure as a part of a qualified research program.

(c) Copies of each of the above documents shall be filed by the taxpayer with the Arkansas Economic Development Commission and with his or her return as an attachment to the form prescribed by the Secretary of the Department of Finance and Administration.

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Cite this article: FindLaw.com - Arkansas Code Title 26. Taxation § 26-51-1104. Documentation required - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-26-taxation/ar-code-sect-26-51-1104/

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