AR HB1132

Amends Arkansas Code § 26-51-506(h)(1) to modify how recycling tax credits are allocated among owners in proprietorships, partnerships, limited liability companies, and similar business organizations when an Arkansas public retirement system is an owner.

Allows tax credit allocation to be based on ownership percentages and income proportions or "as otherwise provided for in the applicable ownership or operating agreements" when a public retirement system is involved.

Extends the same modified allocation rules to Subchapter S corporations, permitting credits to be apportioned based on ownership percentage or "as otherwise provided for in the applicable articles of incorporation or bylaws" when a public retirement system is a shareholder.

Declares an emergency to encourage Arkansas public retirement systems to invest in Arkansas-based recycling projects and prevent potential negative effects on investment returns and economic development.

Makes the act effective immediately upon the Governor's approval, expiration of the veto period, or veto override.