Arkansas Code Title 26, Subtitle 5, Chapter 51, Subchapter 10 - Water Resource Conservation and Development Incentives Act

• § 26-51-1001 - Title.
  This subchapter shall be known as the "Water Resource Conservation and Development Incentives Act".
• § 26-51-1002 - Legislative Findings.
  (a) The State of Arkansas is blessed with abundant rainfall and other surface and underground water resources which, when managed conjunctively, can provide a...
• § 26-51-1003 - Definitions.
  As used in this subchapter: (1) "Acre-foot" means the volumetric measure equal to forty-three thousand five hundred sixty cubic feet (43,560 cu. ft.) or...
• § 26-51-1004 - Applicability -- Effective Date.
  (a) The tax credits provided by this subchapter shall apply to taxable years beginning on or after January 1, 1996, and all taxable years...
• § 26-51-1005 - Credit Granted -- Water Impoundments.
  (a) There shall be allowed a credit against the tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., to an...
• § 26-51-1006 - [Repealed.]
• § 26-51-1007 - Credit Granted -- Surface Water Conversion Outside Critical Areas.
  (a) For projects located outside critical groundwater areas, there shall be allowed a credit against the tax imposed by the Income Tax Act of...
• § 26-51-1008 - Credit Granted -- Surface Water Conversion Within Critical Areas.
  (a) For projects located within critical groundwater areas, there shall be allowed a credit against the tax imposed by the Income Tax Act of...
• § 26-51-1009 - Credit Granted -- Land Leveling for Water Conservation.
  (a) There shall be allowed a credit against the tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., to an...
• § 26-51-1010 - Application and Approval Procedure -- Administration.
  (a) (1) The Arkansas Natural Resources Commission shall promulgate such rules and regulations as may be deemed necessary in administering projects submitted with the...
• § 26-51-1011 - Development, Operation, and Tax Credits.
  (a) Project activities shall meet or exceed those standards as established by the Arkansas Natural Resources Commission, and the project must be maintained for...
• § 26-51-1012 - Deduction for Project Costs Above Tax Credit.
  (a) In determining net income for Arkansas income tax purposes, any approved applicant qualifying for the tax credits provided in this subchapter is also...
• § 26-51-1013 - Annual Compilation of Credits -- Expiration of the Subchapter.
  (a) The Department of Finance and Administration shall compile the total amount of tax credits used pursuant to the provisions of this subchapter for...
• § 26-51-1014 - Construction.
  No part or segment of this subchapter shall be interpreted to in any way alter or amend the permit requirements, reporting requirements, allocation procedures,...

Last modified: November 15, 2016