Code of Arkansas Rules Title 26 — Taxation

26 CAR § 69-107

Limitations

# (a)

Income tax credits for eligible costs related to a waterway facility or property are allowed only if the eligible costs are incurred:

# (1)

On or after January 1, 2024; and

# (2)

On or before December 31, 2025.

# (b)

The total cumulative tax credits awarded in a calendar year for all taxpayers shall not exceed two million five hundred thousand dollars ($2,500,000).

# (c)

A taxpayer may not claim an income tax credit in any one tax year in excess of ten percent (10%) of the total tax credit for which the taxpayer is eligible.

# (d)

The maximum tax credit allowed by a taxpayer for eligible costs related to a waterway facility or property is three million dollars ($3,000,000).

# (e)

Unused tax credits may be carried forward for nine (9) consecutive years following the tax year in which the credit was earned.

# (f)

A taxpayer who has received funds under the Arkansas Port, Intermodal, and Waterway Development Grant Program is not eligible for a Waterways Investment Income Tax Credit.

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In this chapter (8 sections)

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