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Current as of March 28, 2024 | Updated by FindLaw Staff
(a) There is allowed an exemption from the income tax imposed under this chapter for:
(1) Payments made to a taxpayer by the United States Department of Agriculture under the Market Facilitation Program authorized by 15 U.S.C. § 714c, as it existed on January 1, 2020; and
(2) Recovery rebates provided by the United States Department of the Treasury under Section 2201 of the Coronavirus Aid, Relief, and Economic Security Act, Pub. L. No. 116-136.
(b) Expenses for losses related to the receipt of a payment from the Market Facilitation Program to a taxpayer are not deductible or otherwise permitted to offset any other income from the tax year in which the loss or expenses are incurred.
Cite this article: FindLaw.com - Arkansas Code Title 26. Taxation § 26-51-316. Disaster relief payments and rebates - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-26-taxation/ar-code-sect-26-51-316/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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