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AR HB1866
Bill
Status
4/16/2013
Primary Sponsor
Allen Kerr
Click for details
AI Summary
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Adopts portions of federal tax code Title 26 U.S.C. § 1341(a)(1)-(3) and (b)(2) as they existed January 1, 2013, to allow Arkansas taxpayers to deduct amounts restored under a claim of right in the tax year the restoration occurs.
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Excludes adoption of federal provisions 26 U.S.C. § 1341(a)(4) and (5), (b)(1), and (b)(3)-(5) concerning alternative calculation methods and special rules for net operating losses and capital losses.
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Requires net operating losses and capital losses to be calculated and deducted under Arkansas Code §§ 26-51-427 and 26-51-815 rather than federal methods.
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Authorizes the Director of the Department of Finance and Administration to promulgate rules to administer the claim of right deduction provisions.
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Effective for tax years beginning on or after January 1, 2013.
Legislative Description
To Adopt Current Internal Revenue Code Provisions Concerning The Computation Of Income Tax When A Taxpayer Restores An Amount Held Under A Claim Of Right.
Last Action
Notification that HB1866 is now Act 1284
4/16/2013