(a) In addition to any income tax credit not related to the same eligible property for which a taxpayer qualifies, the taxpayer is allowed an income tax credit for the amount of the Arkansas historic rehabilitation income tax credit allowed by the certification of completion issued by the Department of Arkansas Heritage under the Arkansas Historic Rehabilitation Income Tax Credit Act, ยง 26-51-2201 et seq.
(b) The amount of the income tax credit under this section that may be claimed by the taxpayer in a tax year shall not exceed the amount of state income tax due by the taxpayer.
(c) Any unused income tax credit under this section may be carried forward for a maximum of five (5) consecutive tax years for credit against the state income tax.
(d) The Director of the Department of Finance and Administration shall promulgate rules to implement this section.
Section: Previous 26-51-502 26-51-503 26-51-504 26-51-505 26-51-506 26-51-507 26-51-508 26-51-509 26-51-511 26-51-512 26-51-513 26-51-514 NextLast modified: November 15, 2016