Arkansas Code Title 26, Subtitle 5, Chapter 51, Subchapter 15 - Arkansas Private Wetland and Riparian Zone Creation, Restoration, and Conservation Tax Credits Act

• § 26-51-1501 - Title.
  This subchapter may be cited as the "Arkansas Private Wetland and Riparian Zone Creation, Restoration, and Conservation Tax Credits Act".
• § 26-51-1502 - Legislative Findings.
  (a) Wetlands and riparian zones have significant benefits to the state. They include: (1) Flood impact mitigation by slowing storm water runoff; (2) Water...
• § 26-51-1503 - Definitions.
  As used in this subchapter: (1) "Application" means a written plan for development and operation of the project, including all requirements the Arkansas Natural...
• § 26-51-1504 - Applicability.
  (a) There are two (2) types of tax credits available under this subchapter: (1) Wetland and riparian zone creation and restoration tax credits, which...
• § 26-51-1505 - Credits Granted.
  (a) There shall be allowed a wetland and riparian zone creation and restoration tax credit against the tax imposed by the Income Tax Act...
• § 26-51-1506 - Administration.
  (a) (1) The Arkansas Natural Resources Commission is charged with the responsibility of promulgating and administering rules related to the creation, restoration, and conservation...
• § 26-51-1507 - Application and Approval Procedure.
  (a) (1) (A) Wetland and Riparian Zone Creation and Restoration Tax Credit. (B) A taxpayer wishing to obtain a wetland and riparian zone creation...
• § 26-51-1508 - Development, Operation, and Tax Credits.
  (a) (1) All projects must be completed and properly functioning within three (3) years of the date of the certificate of tax credit approval,...
• § 26-51-1509 - Recordkeeping Requirement.
  For purposes of this subchapter, the recordkeeping provisions of § 26-18-506 requiring a taxpayer to maintain records for six (6) years after a return...
• § 26-51-1510 - Annual Compilation of Credits -- Expiration of Subchapter -- Tax Credit Availability.
  (a) Following the end of every calendar year, the Department of Finance and Administration shall compile the cumulative total amount of tax credits used...

Last modified: November 15, 2016