(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.
Section: Previous 26-51-414 26-51-415 26-51-416 26-51-417 26-51-418 26-51-419 26-51-420 26-51-422 26-51-423 26-51-424 26-51-425 26-51-426 26-51-427 26-51-428 26-51-429 NextLast modified: November 15, 2016