Arkansas Code Title 26. Taxation § 26-51-422. Deductions--Donated fine art works

(1) The taxpayer derives at least fifty percent (50%) of his or her income for the current or the prior tax year from the pursuit of his or her art-related profession;

(2) The fair market value of the art works has been verified by an independent appraiser approved by the Department of Finance and Administration, a copy of which appraisal shall be attached to the taxpayer's state income tax return;

(3) The art works were donated to and accepted by a museum, art gallery, or nonprofit charitable organization qualified under 26 U.S.C. § 501(c)(3) and located in the State of Arkansas; and

(4) The deduction for donated art works does not exceed fifteen percent (15%) of the individual's gross income in the calendar year of the donation.