AR SB569

Amends Arkansas Code to clarify tax credit provisions for oil and natural gas producers who use approved underground salt water disposal systems for environmental compliance.

Extends severance tax credit eligibility to natural gas producers in addition to oil producers, with each category capped at $370,000 annually in total credits.

Requires credit claims to be filed by April 1 following the year costs were incurred, with payments made by June 1; excess costs cannot be carried forward to other tax periods.

Repeals Arkansas Code § 26-58-207 (reporting requirements for oil producers) and updates terminology throughout to replace references to "oil producer" with "producer" to encompass both oil and natural gas producers.

Takes effect January 1, 2012.