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Arkansas Code Title 26. Taxation § 26-51-2407. Investment tax credits

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

(a) There is allowed an investment tax credit against the tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., for any taxpayer incurring costs and expenses that are qualified rehabilitation or development expenditures of eligible central business improvement district property.

(b) The investment tax credit is equal to twenty-five percent (25%) of qualified rehabilitation or development expenditures incurred for a qualified project up to the first:

(1) Five hundred thousand dollars ($500,000) on income-producing property; or

(2) Two hundred thousand dollars ($200,000) on nonincome-producing property.

(c)(1) The investment tax credit for a qualified project covering income-producing eligible central business improvement district property shall be taken in the tax year in which the eligible central business improvement district property is placed in service.

(2) The investment tax credit for a qualified project covering residential eligible central business improvement district property or other nonincome-producing eligible central business improvement district property shall be taken in the tax year the qualified project is completed.

(d) A taxpayer who receives an investment tax credit under this section shall not claim any other state or local tax credit or deduction based on the qualified rehabilitation or development expenditures except for the deduction for normal depreciation of the eligible central business improvement district property.

(e)(1) The Department of Finance and Administration shall maintain an ongoing record of the eligibility certificates awarded each fiscal year.

(2) The department shall only issue investment tax credits up to one million dollars ($1,000,000) in any one (1) fiscal year on a first-come, first-served basis.

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Cite this article: FindLaw.com - Arkansas Code Title 26. Taxation § 26-51-2407. Investment tax credits - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-26-taxation/ar-code-sect-26-51-2407/

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