Code of Arkansas Rules Title 26 — Taxation
26 CAR § 290-101
Overview
# (a)
Acts 2021, No. 967, created the Railroad Modernization Act of 2021.
# (b)
Acts 2021, No. 967, authorizes eligible taxpayers to claim an income tax credit in the amount of fifty percent (50%) of railroad track maintenance expenditures up to the limits set forth in Acts 2021, No. 967.
# (c)
In accordance with Arkansas Code § 26-51-2804(b), the Department of Commerce is adopting this part to:
# (1)
Permit verification of an eligible taxpayer’s railroad track maintenance expenditures for purposes of claiming the income tax credit allowed under Acts 2021, No. 967;
# (2)
Provide for the approval of railroad track maintenance expenditures before a project commences; and
# (3)
Provide for a certificate of verification upon the completion of a project that uses railroad track maintenance expenditures.
Source: view the official text
In this chapter (4 sections)
- 290-101 · Overview
- 290-102 · Definitions
- 290-103 · Preapproval of railroad track maintenance expenditures
- 290-104 · Certificate of verification of railroad track maintenance…