reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 3 - EXEMPTIONS AND REDUCED TAX RATES (§§ 26-51-301 — 26-51-316) › Section 26-51-316 - Disaster relief payments and rebates

(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.
Added by Act 2020F, No. 95,§ 37, eff. 4/20/2020, and for tax years beginning on or after 1/1/2020 .
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-401 - Tax year - Accounting method

(a)
A taxpayer must calculate his or her Arkansas income tax liability using the same accounting method for Arkansas income tax purposes as used for federal income tax purposes.
(b)
A taxpayer must provide to the Secretary of the Department of Finance and Administration a copy of any certification or approval from the Internal Revenue Service authorizing the taxpayer to change his or her accounting method.
Amended by Act 2019, No. 910,§ 3709, eff. 7/1/2019.
Acts 1929, No. 118, Art. 3, § 9; Pope's Dig., § 14032; A.S.A. 1947, § 84-2012; Acts 1987, No. 382, § 12.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-402 - Tax year - Basis for determining liability

(a)
A taxpayer must calculate his or her Arkansas income tax liability using the same income year for Arkansas income tax purposes as used for federal income tax purposes.
(b)
A taxpayer must provide to the Secretary of the Department of Finance and Administration a copy of any certification or approval from the Internal Revenue Service authorizing the taxpayer to change his or her income year.
Amended by Act 2019, No. 910,§ 3710, eff. 7/1/2019.
Acts 1929, No. 118, Art. 3, § 9; Pope's Dig., § 14032; A.S.A. 1947, § 84-2012; Acts 1987, No. 382, § 12.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-405 - Partnership income

(a)
An individual carrying on business as a partner in a partnership shall be liable for income tax only in his or her individual capacity and shall include in his or her gross income the distributive share of the net income or net loss of the partnership received by him or her or distributable to him or her during the income year.
(b)
The partner shall report all deductions or credits distributable to him or her personally as a partner in the partnership.
(c)
A partner's distributive share of partnership loss shall be allowed only to the extent of the adjusted basis of the partner's interest in the partnership at the end of the partnership year in which the loss occurred.
(d)
Any excess of the loss over the basis shall be allowed as a deduction at the end of the partnership year in which the excess is repaid to the partnership.
Acts 1929, No. 118, Art. 3, § 9; Pope's Dig., § 14032; A.S.A. 1947, § 84-2012; Acts 1987, No. 382, § 12.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-406 - Income to beneficiaries of trusts and estates

(a)
Every individual, taxable under the Income Tax Act of 1929, §
26-51-101
et seq., who is a beneficiary of an estate or trust shall include in his or her gross income the distributive share of the income or loss of the estate or trust received by him or her or distributable to him or her during the income year.
(b)
Unless otherwise provided in the law or the will, the deed, or other instrument creating the estate, trust, or fiduciary relationship, the net income shall be deemed to be distributed or distributable to the beneficiaries, including the fiduciary as a beneficiary, in the case of income accumulated for future distribution, ratably in proportion to their respective interests.
(c)
Any excess losses accumulated by the estate or trust at the time of the termination of the estate or trust shall be distributable to the beneficiaries ratably and claimed by the beneficiaries on the individual Arkansas income tax returns as otherwise provided by the Income Tax Act of 1929, §
26-51-101
et seq.
Acts 1929, No. 118, Art. 3, § 9; Pope's Dig., § 14032; A.S.A. 1947, § 84-2012; Acts 1987, No. 382, § 12.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-407 - Financial institutions

(a)
A financial institution having its principal office in this state shall be taxed as a business corporation organized and existing under the laws of this state.
(b)
(1)
A financial institution having its principal office outside this state but doing business in this state shall be taxed as a foreign business corporation doing business in this state.
(2)
However, this subsection is not intended to recognize the right of a foreign financial institution to conduct any business activities in this state except to the extent and under the conditions permitted by Acts 1953, No. 559, §§ 1-8 [unconstitutional] and any other applicable laws of this state.
Acts 1973, No. 182, § 3; A.S.A. 1947, § 84-2086; Acts 1995, No. 495, § 3
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-408 - Dividends of financial institutions taxable

Dividends paid on shares of stock of financial institutions shall be subject to income tax under the Income Tax Act of 1929, §
26-51-101
et seq., on the same basis as dividends on shares of stock of business corporations.
Acts 1973, No. 182, § 4; A.S.A. 1947, § 84-2008.2.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-409 - Federal Subchapter S adopted

(a)
Subchapter S of the Internal Revenue Code,
26 U.S.C. § 1361
et seq., as in effect on January 1, 2019, regarding small business corporations, is adopted for the purpose of computing Arkansas income tax liability.
(b)
(1)
(A)
A corporation shall be treated as a Subchapter S corporation for Arkansas income tax purposes if the corporation has elected Subchapter S treatment for federal income tax purposes for the same tax year.
(B)
An election made under Subchapter S of the Internal Revenue Code,
26 U.S.C. § 1361
et seq., for federal income tax purposes is deemed to have been made for Arkansas income tax purposes.
(2)
A corporation that has elected to be treated as a Subchapter S corporation for federal income tax purposes shall not elect to be treated as a Subchapter C corporation for Arkansas income tax purposes.
(3)
When filing an Arkansas Subchapter S income tax return, a corporation shall attach to its Arkansas Subchapter S income tax return a complete copy of the corporation's federal Subchapter S income tax return filed with the Internal Revenue Service for that taxable year.
(c)
(1)
However, all nonresident shareholders of Subchapter S corporations receiving a prorated share of income, loss, deduction, or credit pursuant to the provisions of this section must file a properly executed state income tax return with the Secretary of the Department of Finance and Administration and remit the applicable state income tax due.
(2)
Failure to so report and remit on the part of any nonresident shareholder shall be grounds upon which the secretary may revoke the corporation's Subchapter S election and collect the tax from the corporation by any manner authorized by the Income Tax Act of 1929, §
26-51-101
et seq.
Amended by Act 2019, No. 910,§ 3713, eff. 7/1/2019.
Amended by Act 2019, No. 870,§ 3, eff. for tax years beginning on or after 1/1/2019.
Amended by Act 2017, No. 434,§ 1, eff. for tax years beginning on and after 1/ 1/2018.
Amended by Act 2017, No. 884,§ 16, eff. 8/1/2017.
Amended by Act 2017, No. 155,§ 15, eff. for tax years beginning on and after 1/1/2015.
Amended by Act 2015, No. 580,§ 15, eff. for tax years beginning on or after January 1, 2014.
Amended by Act 2013, No. 1254,§ 5, eff. 8/16/2013, op. retroactively to tax years beginning on or after 1/1/2012.
Acts 1979, No. 414, § 1; 1983, No. 51, §§ 1, 3; A.S.A. 1947, § 84-2004.1; Acts 1987, No. 382, § 3; 1989, No. 826, § 22; 1991, No. 685, § 2; 1993, No. 785, § 7; 1997, No. 951, § 17; 1999, No. 1126, § 24; 2003, No. 663, § 7; 2005, No. 261, § 1; 2005, No. 675, § 6; 2007, No. 218, § 18; 2007, No. 380, § 1; 2009, No. 372, § 10; 2011, No. 787, § 15.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-410 - Inventory

Whenever, in the opinion of the Secretary of the Department of Finance and Administration, the use of inventories is necessary in order to clearly determine the income of any taxpayer, inventories shall be taken by the taxpayer, upon such basis as the secretary may prescribe, conforming as nearly as may be possible to the best accounting practice in the trade or business and most clearly reflecting the income.
Amended by Act 2019, No. 910,§ 3714, eff. 7/1/2019.
Acts 1929, No. 118, Art. 3, § 12; Pope's Dig., § 14035; A.S.A. 1947, § 84-2015.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-412 - Gain or loss - Exchange of property

(a)
(1)
For the purpose of determining gain or loss, when property is exchanged for other property the property received in exchange shall be treated as the equivalent of cash to the amount of its fair market value if a market exists in which all the property so received can be disposed of at the time of exchange for a reasonable, certain, and definite price in cash.
(2)
Otherwise, such exchange shall be considered as a conversion of assets from one (1) form to another, from which no gain or loss shall be deemed to arise.
(b)
In the case of the organization of a corporation, the stock received shall be considered to take the place of property transferred for the stock, and no gain or loss shall be deemed to arise from the stock received.
(c)
When, in connection with the reorganization, merger, or consolidation of a corporation, a taxpayer receives, in place of stock or securities owned by him or her, new stock or securities, then the basis of computing the gain or loss, if there is any, in a case where the stock or securities owned were acquired before January 1, 1928, shall be the fair market price or value thereof as of that date if such price or value exceeds the original cost, and in all other cases the cost thereof, under rules to be promulgated by the Secretary of the Department of Finance and Administration.
(d)
Title
26 U.S.C. §§ 351
,
354
-
358
,
361
,
362
,
367
, and
368
, as in effect on January 1, 2019, regarding corporate organization, reorganization, and recognition of gain, are adopted for the purpose of computing Arkansas income tax liability.
Amended by Act 2019, No. 315,§ 2963, eff. 7/24/2019.
Amended by Act 2019, No. 870,§ 4, eff. for tax years beginning on or after 1/1/2019.
Amended by Act 2017, No. 155,§ 17, eff. for tax years beginning on and after 1/1/2015.
Acts 1929, No. 118, Art. 3, § 11; Pope's Dig., § 14034; A.S.A. 1947, § 84-2014; Acts 1991, No. 687, § 1; 1999, No. 1126, § 26; 2001, No. 773, § 5; 2007, No. 218, § 19; 2009, No. 372, § 11.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-413 - Corporate liquidations

(a)
Title
26 U.S.C. §§ 332
,
334
,
336
,
337
, and
338
, as in effect on January 1, 2007, regarding the liquidations of corporations, are adopted for the purpose of computing Arkansas income tax liability.
(b)
For the purposes of the application of this section, the transition rule of § 633(c) and (d) of the Tax Reform Act of 1986, Pub. L. No. 99-514, as amended by subsections (g)(2), (g)(3)(A)-(C), (g)(4), (g)(5)(A) and (B), and (g)(7) of § 1006 of the Technical and Miscellaneous Revenue Act of 1988, Pub. L. No. 100-647, shall also apply under the state income tax law.
Amended by Act 2017, No. 434,§ 2, eff. for tax years beginning on and after 1/ 1/2018.
Acts 1973, No. 174, § 1; A.S.A. 1947, § 84-2013.1; Acts 1987, No. 382, § 13; 1989, No. 826, § 23; 1997, No. 951, § 33; 1999, No. 1126, § 27; 2007, No. 218, § 20.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-414 - Deferred compensation plans

(a)
(1)
The following sections relating to annuities, retirement savings, and employee benefit plans are adopted for the purpose of computing Arkansas income tax liability, except Arkansas capital gains treatment and the Arkansas tax rates shall apply:
(A)
Title
26 U.S.C. §§ 72
,
219
,
402
-
404
,
406
-
416
, and
457
, as in effect on January 1, 2017; and
(B)
Title
26 U.S.C. § 401
, as in effect on March 30, 2010.
(2)
The requirements for filing a joint return under
26 U.S.C. § 219(c)(1)(A)
shall not apply.
(b)
Title
26 U.S.C. § 408A
as in effect on January 1, 2010, relating to Roth individual retirement accounts, is adopted for the purpose of computing Arkansas income tax liability, except with regard to adjusted gross income under
26 U.S.C. § 408A(c)(3)
, which shall be determined in the same manner as under §
26-51-403(b)
.
(c)
Any additional tax or penalty imposed by this section shall be ten percent (10%) of the amount of any additional tax or penalty provided in the federal income tax law adopted by this section.
(d)
Title
26 U.S.C. § 1042
, as in effect on January 1, 2003, regarding the deferral of gain realized on the sale of a corporation's shares of stock to the corporation's employee stock ownership plan (ESOP), is adopted for the purpose of computing Arkansas income tax liability.
Amended by Act 2017, No. 884,§ 17, eff. 8/1/2017.
Amended by Act 2017, No. 155,§ 18, eff. for tax years beginning on and after 1/1/2015.
Amended by Act 2015, No. 580,§ 16, eff. for tax years beginning on or after January 1, 2014.
Amended by Act 2013, No. 1254,§ 6, eff. 8/16/2013, op. retroactively to tax years beginning on or after 1/1/2012.
Acts 1959, No. 202, § 2; 1983, No. 379, § 13; 1986 (2nd Ex. Sess.), No. 20, § 1; A.S.A. 1947, § 84-2049; Acts 1987, No. 382, § 27; 1987 (1st Ex. Sess.), No. 48, § 2; 1989, No. 826, § 24; 1991, No. 685, § 4; 1995, No. 1160, § 6; 1997, No. 951, § 2; 1999, No. 144, § 1; 1999, No. 513, § 1; 2003, No. 218, § 1; 2003, No. 663, § 8; 2005, No. 94, § 4; 2007, No. 218, § 21; 2009, No. 372, § 12; 2011, No. 787, §§ 16, 17.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-415 - Deductions - Interest

Title
26 U.S.C. § 163
, as in effect on January 1, 2017, regarding deductions for interest expenses, is adopted for the purpose of computing Arkansas income tax liability.
Amended by Act 2017, No. 155,§ 19, eff. for tax years beginning on and after 1/1/2015.
Amended by Act 2015, No. 580,§ 17, eff. for tax years beginning on or after January 1, 2014.
Amended by Act 2013, No. 1254,§ 7, eff. 8/16/2013, op. retroactively to tax years beginning on or after 1/1/2012.
Acts 1929, No. 118, Art. 3, § 13; Pope's Dig., § 14036; Acts 1957, No. 147, § 1; 1975, No. 972, § 1; 1977, No. 898, § 1; A.S.A. 1947, § 84-2016; Acts 1987, No. 382, § 15; 1989, No. 826, § 25; 1991, No. 686, § 1; 1995, No. 1160, § 3; 1997, No. 951, § 11; 1999, No. 1126, § 28; 2007, No. 218, § 22; 2009, No. 372, § 13; 2011, No. 787, § 18.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-416 - Deductions - Taxes

In computing net income, there shall be allowed as deductions taxes paid or accrued within the income year, imposed by the authority of the United States or any of its possessions or of any state, territory, or any political subdivision of any state or territory, or the District of Columbia, or of any foreign country, except estate, succession, or inheritance taxes or except income taxes imposed by the Income Tax Act of 1929, §
26-51-101
et seq., and taxes assessed for local benefits of a kind tending to increase the value of the property assessed for those benefits. However, the deductions allowed in this section for taxes shall not include any allowances or deductions for federal income taxes paid or accrued by the taxpayer within the income year which are imposed by the authority of the United States or any of its possessions; nor shall individuals be allowed an itemized deduction for general sales or use taxes imposed by the authority of any state or subdivision thereof, or for the cost of license plates or drivers' licenses, or for motor fuel or special motor fuel taxes.
Acts 1929, No. 118, Art. 3, § 13; Pope's Dig., § 14036; Acts 1947, No. 135, § 2; 1949, No. 234, § 1; 1957, No. 147, § 1; A.S.A. 1947, § 84-2016; Acts 1987, No. 382, § 16.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-417 - Deductions - Alimony or separate maintenance

(a)
Title
26 U.S.C. § 71
[repealed], in effect on January 1, 1987, is adopted for purposes of determining the amount of alimony or separate maintenance to include in the gross income of the recipient.
(b)
Title
26 U.S.C. § 215
[repealed], in effect on January 1, 1987, is adopted for purposes of determining the amount of alimony or separate maintenance that can be deducted from a taxpayer's income for any income year.
Acts 1929, No. 118, Art. 3, § 13; Pope's Dig., § 14036; Acts 1957, No. 147, § 1; 1983, No. 379, § 4; A.S.A. 1947, § 84-2016; Acts 1987, No. 382, § 20.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-418 - Deductions - Child with disability - Definitions

(a)
In addition to any other state income tax deduction permitted by law, a taxpayer in this state who is maintaining, supporting, and caring for a totally and permanently disabled child in his or her home shall be permitted a deduction on his or her Arkansas income taxes of five hundred dollars ($500) for each income year that the taxpayer maintains, supports, and cares for such totally and permanently disabled child.
(b)
As used in this section:
(1)
"Child" means a natural or adopted child of the taxpayer; and
(2)
(A)
"Totally and permanently disabled" means any child who is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve (12) months.
(B)
A physical or mental impairment is an impairment that results from anatomical, physiological, or psychological abnormalities which are demonstrable by medically acceptable clinical or laboratory diagnostic techniques.
(c)
The Secretary of the Department of Finance and Administration may adopt appropriate rules to carry out the purpose and intent of this section and to prevent abuse of the deduction provided for in this section.
Amended by Act 2019, No. 315,§ 2964, eff. 7/24/2019.
Amended by Act 2019, No. 910,§ 3716, eff. 7/1/2019.
Acts 1991, No. 708, §§ 1, 2, 4; 1999, No. 417, § 2.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-419 - Deductions - Charitable contributions

(a)
(1)
Title
26 U.S.C. § 170
, as in effect on January 1, 2019, regarding deductions for charitable contributions, is adopted for the purpose of computing Arkansas income tax liability.
(2)
However, with respect to contributions of qualified appreciated stock within the meaning of
26 U.S.C. § 170(e)(5)
made after May 31, 1997, the provisions of this section shall apply after taking into account the extension of the provisions of
26 U.S.C. § 170(e)(5)
by § 602 of the Taxpayer Relief Act of 1997, Pub. L. No. 105-34, and § 1004(a) of the Tax and Trade Relief Extension Act of 1998, Pub. L. No. 105-277.
(b)
The provisions of subsection (a) of this section shall apply to a corporation that files an Arkansas consolidated corporation income tax return pursuant to §
26-51-805
, provided that each member of the affiliated group shall follow the provisions of §
26-51-805(f)
and calculate its contribution limits separately.
(c)
For purposes of subsection (a) of this section, a cash contribution made in January 2005 for the relief of victims in areas affected by the December 26, 2004 Indian Ocean tsunami, for which a charitable contribution deduction is allowed under
26 U.S.C. § 170
, may be treated as if the contribution were made on December 31, 2004, and not in January 2005.
Amended by Act 2019, No. 870,§ 5, eff. for tax years beginning on or after 1/1/2019.
Amended by Act 2017, No. 155,§ 20, eff. for tax years beginning on and after 1/1/2015.
Amended by Act 2015, No. 580,§ 18, eff. for tax years beginning on or after January 1, 2014.
Amended by Act 2013, No. 1254,§ 8, eff. 8/16/2013, op. retroactively to tax years beginning on or after 1/1/2012.
Acts 1967, No. 25, § 2; 1983, No. 379, § 12; A.S.A. 1947, § 84-2016.3; Acts 1987, No. 382, § 22; 1989, No. 826, § 3; 1995, No. 1160, § 5; 1997, No. 951, § 13; 1999, No. 1126, § 29; 2001, No. 773, § 6; 2001, No. 1227, § 1; 2005, No. 53, § 1; 2005, No. 675, § 8; 2007, No. 218, § 23; 2009, No. 372, § 14; 2011, No. 787, § 19.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-420 - Deductions - Education service cooperative contributions

Education service cooperatives created under The Education Service Cooperative Act of 1985, §
6-13-1001
et seq., are declared instrumentalities and political subdivisions of the State of Arkansas, and all contributions and donations made to them in any calendar year are deductible from the Arkansas income tax levied by §
26-51-201
et seq.
Acts 1993, No. 453, § 1; 2007, No. 617, § 46; 2009, No. 655, § 6.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-422 - Deductions - Fair market value of donated artistic, literary, and musical creations

(a)
In computing net income for the purposes of the Income Tax Act of 1929, §
26-51-101
et seq., there shall be allowed as deductions in addition to all other deductions allowed by law the fair market value of donated artistic, literary, and musical creations if:
(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.
(b)
This section shall be effective for income years beginning with income year 1983.
Acts 1983, No. 818, §§ 1, 2; A.S.A. 1947, § 84-2016.15.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-424 - Deductions - Losses

(a)
(1)
In computing net income there shall be allowed as a deduction any loss sustained during the income year and not compensated for by insurance or otherwise.
(2)
In the case of an individual, the deduction under subdivision (a)(1) of this section shall be limited to:
(A)
Losses incurred in a trade or business; or
(B)
Losses incurred in any transaction entered into for profit, though not connected with the trade or business, including without limitation gambling losses, which are:
(i)
Deductible to the extent of gambling winnings; and
(ii)
Not subject to the two percent (2%) limitation on miscellaneous itemized deductions.
(b)
Title
26 U.S.C. § 165(h) and (i)
, as in effect on January 1, 2009, regarding losses arising from a casualty or a disaster, are adopted for the purpose of computing Arkansas income tax liability.
(c)
Title
26 U.S.C. § 183
, as in effect on January 1, 1999, regarding hobby losses, is adopted for the purpose of computing Arkansas income tax liability.
Amended by Act 2017, No. 155,§ 21, eff. for tax years beginning on and after 1/1/2015.
Acts 1929, No. 118, Art. 3, § 13; Pope's Dig., § 14036; Acts 1957, No. 147, § 1; 1983, No. 379, § 10; A.S.A. 1947, § 84-2016; Acts 1999, No. 1126, § 31; 2009, No. 372, § 17.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-425 - Deductions - Worthless debts

In computing net income there shall be allowed as deductions debts ascertained to be worthless and actually charged off the books of the taxpayer within the income year.
Acts 1929, No. 118, Art. 3, § 13; Pope's Dig., § 14036; Acts 1957, No. 147, § 1; A.S.A. 1947, § 84-2016.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-426 - Deductions - Reserve for bad debts or liabilities

Any bank, building and loan, savings and loan, or any other savings institution chartered and supervised as a savings and loan or similar associations under federal or state law shall be allowed a bad debt expense deduction computed in accordance with
26 U.S.C. §§ 582
,
585
, and
593
, as in effect on January 1, 1999.
Acts 1929, No. 118, Art. 3, § 13; Pope's Dig., § 14036; Acts 1957, No. 147, § 1; A.S.A. 1947, § 84-2016; Acts 1993, No. 785, § 9; 1997, No. 951, § 15; 1999, No. 1126, § 32.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-428 - [See Note] Depreciation - Deductions - Expensing of property

(a)
(1)
Title
26 U.S.C. §§ 167
and
168(a)-(j)
, as in effect on January 1, 2019, are adopted for the purpose of computing Arkansas income tax liability for property purchased in tax years beginning on or after January 1, 2014.
(2)
Title
26 U.S.C. § 179
, as in effect on January 1, 2022, is adopted for the purpose of computing Arkansas income tax liability for property purchased in tax years beginning on or after January 1, 2022.
(b)
The basis on which exhaustion, wear and tear, and obsolescence are to be allowed in respect to any property shall be the adjusted basis provided in §
26-51-411
for the purpose of determining the gain on the sale or other disposition of the property.
(c)
Title
26 U.S.C. § 197
, as in effect on January 1, 2007, regarding the amortization of goodwill and certain other intangibles, is adopted for the purpose of computing Arkansas income tax liability.
Amended by Act 2023, No. 181,§ 2, eff. 8/1/2023(see note).
Amended by Act 2023, No. 181,§ 1, eff. 8/1/2023(see note).
Amended by Act 2022EX3, No. 2,§ 4, eff. effective for tax years beginning on or after January 1, 2022.
Amended by Act 2022EX3, No. 1,§ 4, eff. effective for tax years beginning on or after January 1, 2022.
Amended by Act 2019, No. 870,§ 8, eff. for tax years beginning on or after 1/1/2019.
Amended by Act 2017, No. 155,§ 22, eff. for tax years beginning on and after 1/1/2015.
Amended by Act 2015, No. 580,§ 19, eff. for tax years beginning on or after January 1, 2014.
Amended by Act 2013, No. 1254,§ 10, eff. 8/16/2013, op. for tax years beginning on or after 1/1/2013.
Acts 1929, No. 118, Art. 3, § 13; Pope's Dig., § 14036; Acts 1957, No. 147, § 1; 1957, No. 156, § 1; 1983, No. 379, §§ 8-11; 1983, No. 854; §§ 1, 5; A.S.A. 1947, §§ 84-2016, 84-2016.16; Acts 1987, No. 382, §§ 17, 32; 1989, No. 826, §§ 29, 30; 1991, No. 685, § 7; 1995, No. 1160, § 4; 1997, No. 951, § 12; 1999, No. 1126, § 33; 2007, No. 218, § 26; 2009, No. 372, § 18.
Act 2023, No. 181,§ 2 provides that, "Uncodified Acts 2007, No. 613, § 2, is repealed as obsolete because the Chief Fiscal Officer of the State made the certification described in Acts 2007, No. 613, § 2, on August 10, 2007, making this version of Arkansas Code § 26-51-428 effective, but Acts 2009, No. 372, § 18, amended the expired version of Arkansas Code § 26-51-428, thus reviving the expired version, which was subsequently amended to produce a correct result."
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-429 - Deductions - Depletion allowances

(a)
In the case of all natural resources for which a deduction for depletion is allowed under
26 U.S.C. §§ 611
, the provisions of
26 U.S.C. §§ 611
-
613
,
614
,
616
, and
617
, as in effect on January 1, 2019, are adopted in computing the depletion allowance deduction under Arkansas income tax law.
(b)
In computing the depletion allowance deduction allowed by this section for oil and gas wells, the provisions of
26 U.S.C. § 613
are not in effect, but instead the computation of the amount of the depletion deduction is controlled by the provisions of
26 U.S.C. § 613A
, as in effect on January 1, 2019, which are adopted as part of the state income tax law.
Amended by Act 2019, No. 870,§ 9, eff. for tax years beginning on or after 1/1/2019.
Acts 1929, No. 118, Art. 3, § 13; Pope's Dig., § 14036; Acts 1939, No. 140, § 1; 1947, No. 335, § 3; 1965, No. 499, § 1; 1983, No. 854, § 4; A.S.A. 1947, § 84-2016; Acts 1989, No. 826, § 31; 1991, No. 685, § 10; 1999, No. 1126, § 34; 2005, No. 675, § 10; 2007, No. 218, § 27; 2009, No. 372, § 19; 2011, No. 787, § 25.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-430 - Deductions - Standard deduction - Definition

(a)
(1)
In lieu of itemizing deductions, each taxpayer may elect to use the standard deduction.
(2)
In the case of a married couple, both spouses must elect to use the standard deduction or both spouses must claim itemized deductions, without regard to whether the spouses file separate returns or file separately on the same return.
(b)
(1)
The standard deduction shall be:
(A)
For the tax year beginning January 1, 2014, two thousand dollars ($2,000) per taxpayer; and
(B)
For tax years beginning on and after January 1, 2015, two thousand two hundred dollars ($2,200) per taxpayer.
(2)
In the case of a married couple, each spouse shall be entitled to claim a standard deduction of:
(A)
For the tax year beginning January 1, 2014, two thousand dollars ($2,000); and
(B)
For tax years beginning on and after January 1, 2015, two thousand two hundred dollars ($2,200).
(c)
(1)
The Secretary of the Department of Finance and Administration shall increase annually the standard deduction provided under subsection (b) of this section by the cost-of-living adjustment for the current calendar year, rounding the amount to the nearest ten dollars ($10.00).
(2)
(A)
(i)
For purposes of subdivision (c)(1) of this section, the cost-of-living adjustment for a calendar year is the percentage, if any, by which the Consumer Price Index for the current calendar year exceeds the Consumer Price Index for the preceding calendar year, not to exceed three percent (3%).
(ii)
If the Consumer Price Index for the current calendar year does not exceed the Consumer Price Index for the preceding calendar year, the standard deduction shall not be adjusted under this subsection for that year.
(B)
The Consumer Price Index for a calendar year is the average of the Consumer Price Index as of the close of the twelve-month period ending on August 31 of that calendar year.
(C)
As used in this subsection, "Consumer Price Index" means the most recent Consumer Price Index for All Urban Consumers published by the United States Department of Labor.
Amended by Act 2021EX2, No. 2,§ 9, eff. for tax years beginning on or after January 1, 2022.
Amended by Act 2021EX2, No. 1,§ 9, eff. for tax years beginning on or after January 1, 2022.
Amended by Act 2013, No. 1488,§ 1, eff. for tax years beginning on and after January 1, 2014.
Acts 1929, No. 118, Art. 3, § 13; Pope's Dig., § 14036; Acts 1951, No. 124, § 1; 1957, No. 147, § 1; A.S.A. 1947, § 84-2016; Acts 1997, No. 328, § 1; 2003, No. 997, § 1.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-431 - Items not deductible in net income computation

(a)
In computing net income, no deduction shall in any case be allowed in respect of:
(1)
Personal, living, or family expenses, except that any payments of alimony made by an individual pursuant to a court order shall be deductible;
(2)
Any amount paid for new buildings or for permanent improvements or betterments made to increase the value of any property or estate;
(3)
Any amount expended in restoring property for which an allowance is to be made;
(4)
Premiums paid on life insurance policies; and
(5)
Shrinkage in value of property.
(b)
Title
26 U.S.C. § 265(a)
, as in effect on January 1, 1993, regarding expenses and interest relating to tax-exempt income, is hereby adopted for the purpose of computing Arkansas individual income tax liability.
(c)
For the purpose of computing Arkansas corporation income tax liability, no deduction shall be allowed for:
(1)
Expenses otherwise allowable as deductions which are allocable to income other than interest, whether or not any amount of income is received or accrued, wholly exempt from the taxes authorized by Arkansas law;
(2)
Interest on indebtedness incurred or continued to purchase or carry obligations the interest on which is wholly exempt from the taxes imposed by Arkansas law; and
(3)
Expenses otherwise allowable as deductions which are allocable to nonbusiness income.
Acts 1929, No. 118, Art. 3, § 14; Pope's Dig., § 14037; Acts 1983, No. 379, § 5; A.S.A. 1947, § 84-2019; Acts 1993, No. 785, § 17.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-435 - Nonresidents or part-year residents

(a)
Nonresidents or part-year residents of Arkansas shall compute their taxable income as if all income were earned in Arkansas.
(b)
Using Arkansas income tax rates, nonresident or part-year residents of Arkansas shall compute their tax liability on the amount computed in subsection (a) of this section.
(c)
From the tax liability computed in subsection (b) of this section there shall be deducted all allowable credits to determine the amount of tax due.
(d)
(1)
Nonresidents shall divide adjusted gross income from Arkansas sources by the adjusted gross income from all sources to arrive at the applicable percentage that Arkansas adjusted gross income represents of all adjusted gross income received by the taxpayer in the income year.
(2)
Part-year residents shall divide adjusted gross income received while an Arkansas resident by the adjusted gross income from all sources to arrive at the applicable percentage that the adjusted gross income received while an Arkansas resident represents of all adjusted gross income received by the taxpayer in the income year.
(e)
Nonresidents and part-year residents shall multiply the amount computed in subsection (c) of this section by the applicable percentage from subsection (d) of this section in order to determine the amount of income tax which must be paid to the State of Arkansas.
(f)
For the purpose of ascertaining the income tax due by a nonresident or part-year resident of Arkansas with income derived from two (2) or more states, the credit available under §
26-51-504
for income tax paid to other states shall be calculated in the following manner:
(1)
The credit shall not exceed what the tax would be on the outside income, if added to the Arkansas income, and calculated at Arkansas income tax rates; and
(2)
The credit is limited to the total income tax owed to other states on income that has been:
(A)
Reported as taxable income to both Arkansas and the other states;
(B)
Reported as income from all sources; and
(C)
Included as Arkansas income.
Acts 1987, No. 382, § 12; 1997, No. 951, § 20; 2003, No. 662, § 1.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-436 - Deductions - Limitations

Notwithstanding any other provision of the Income Tax Act of 1929, §
26-51-101
et seq., with regard to deductions allowed in computing net income:
(1)
Title
26 U.S.C. § 465
, as in effect on January 1, 1987, is adopted to limit deductions claimed under the Income Tax Act of 1929, §
26-51-101
et seq., to the amount the taxpayer has at risk, as that term is used in the federal income tax law;
(2)
Title
26 U.S.C. § 469
, as in effect on January 1, 1997, regarding the limitations on deductibility of passive activity losses and credits, is adopted for the purpose of computing Arkansas income tax liability;
(3)
Title
26 U.S.C. § 280F(a)-(d)
, as in effect on January 1, 2019, regarding investment tax credit and depreciation for luxury automobiles and other property, is adopted for purposes of computing Arkansas income tax liability;
(4)
Title
26 U.S.C. § 68
, as in effect on January 1, 2011, is adopted to limit itemized deductions;
(5)
Title
26 U.S.C. § 220
, as in effect on January 1, 2011, regarding the deductibility from income of contributions made to a medical savings account by the taxpayer or the taxpayer's employer, is adopted for the purpose of computing Arkansas income tax liability;
(6)
Title
26 U.S.C. § 264
, as in effect on January 1, 1999, regarding premium and interest deductions on life insurance of officers and employees, is adopted for the purpose of computing Arkansas income tax liability; and
(7)
Title
26 U.S.C. § 470
, as in effect on January 1, 2009, regarding leasing transactions between taxpayers, is adopted for the purpose of computing Arkansas income tax liability.
Amended by Act 2019, No. 870,§ 10, eff. for tax years beginning on or after 1/1/2019.
Acts 1929, No. 118, Art. 3, § 13; 1987, No. 382, § 21; 1989, No. 826, §§ 5, 32; 1991, No. 95, § 4; 1991, No. 685, § 3; 1995, No. 1160, § 1; 1997, No. 951, §§ 14, 21; 1997, No. 1000, § 16; 1999, No. 1126, § 35; 2001, No. 634, § 1; 2003, No. 336, § 1; 2003, No. 663, § 10; 2005, No. 94, § 5; 2005, No. 675, § 11; 2007, No. 218, § 28; 2009, No. 372, §§ 20, 21; 2011, No. 787, §§ 26-28.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-437 - Miscellaneous itemized deductions - Definition

(a)
In the case of an individual, the miscellaneous itemized deductions for any taxable year shall be allowed only to the extent that the aggregate of those deductions exceeds two percent (2%) of adjusted gross income.
(b)
As used in this section, "miscellaneous itemized deductions" means the itemized deductions other than:
(1)
The deduction allowed under §
26-51-423(a)(1)
relating to expenses in carrying on a trade or business. However, employee business expenses which are not reimbursed by the employer are miscellaneous itemized deductions;
(2)
The deduction allowed under §
26-51-423(a)(2)
relating to medical, dental, drug, and related healthcare expenses;
(3)
The deduction allowed under §
26-51-415
relating to interest;
(4)
The deduction allowed under §
26-51-416
relating to taxes;
(5)
The deduction allowed under §
26-51-424
relating to losses;
(6)
The deduction allowed under §
26-51-419
relating to charitable contributions;
(7)
The deduction allowed under §
26-51-422
relating to the donation of artistic, literary, and musical creations; and
(8)
The deduction allowed under §
26-51-418
.
Acts 1987, No. 382, § 28; 1991, No. 708, § 3; 1995, No. 1296, § 84.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-439 - Capitalization of certain expenses

(a)
Title
26 U.S.C. § 263A(a)-(h)
, as in effect on January 1, 2019, regarding capitalization and inclusion in inventory costs of certain expenses, are adopted for the purpose of computing Arkansas income tax liability.
(b)
Title
26 U.S.C. § 195
, as in effect on January 1, 2001, regarding capitalization and amortization of a corporation's start-up expenses, is adopted for the purpose of computing Arkansas income tax liability.
(c)
Title
26 U.S.C. § 248
, as in effect on January 1, 2005, regarding capitalization and amortization of a corporation's organizational expenses, is adopted for the purpose of computing Arkansas income tax liability.
(d)
Title
26 U.S.C. § 709
, as in effect on January 1, 2007, regarding the amortization of partnership organizational expenses, is adopted for the purpose of computing Arkansas income tax liability.
Amended by Act 2019, No. 870,§ 11, eff. for tax years beginning on or after 1/1/2019.
Acts 1989, No. 826, § 8; 2001, No. 773, § 9; 2005, No. 675, § 12; 2007, No. 218, §§ 29, 30.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-442 - Sale of property to comply with conflict-of-interest requirements

Title
26 U.S.C. § 1043
, as in effect on January 1, 1993, is hereby adopted.
Acts 1993, No. 785, § 18.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-443 - Allocation of unstated interest - Foregone interest

(a)
Title
26 U.S.C. § 483
, as in effect on January 1, 1999, regarding the allocation of unstated interest, is adopted for the purpose of computing Arkansas income tax liability.
(b)
Title
26 U.S.C. § 7872
, as in effect on January 1, 2019, regarding the taxation of foregone interest on a below-market loan, is adopted for the purpose of computing Arkansas income tax liability.
Amended by Act 2019, No. 870,§ 13, eff. for tax years beginning on or after 1/1/2019.
Acts 1993, No. 785, § 10; 1997, No. 951, § 18; 1999, No. 1126, § 37; 2007, No. 218, § 32.
Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 4 - COMPUTATION OF TAX LIABILITY (§§ 26-51-401 — 26-51-461) › Section 26-51-444 - Deductions - Soil and water conservation

Title
26 U.S.C. § 175
, as in effect on January 1, 1995, regarding the deduction of certain expenditures related to soil and water conservation is hereby adopted.
Acts 1995, No. 560, § 2.