AR HB1429

Extends a 14-year carry-forward period for unused income tax credits earned by qualified steel manufacturers under the waste reduction, reuse, or recycling equipment tax credit under Arkansas Code § 26-51-506.

Allows steel manufacturers that received income tax credits before this act's effective date but carried them forward for less than 14 years to extend their carry-forward period to a total of 14 years, even if credits previously expired.

Permits expired income tax credits carried forward under this act to be deducted only in tax years beginning January 1, 2017 or later, with no more than 20% of the expired amount deductible in any single tax year.

Expands the definition of "waste reduction, reuse, or recycling equipment" to include production, processing, and testing equipment used to manufacture products containing recovered materials.

Requires steel manufacturers to refund a portion of claimed credits if waste reduction equipment is removed from Arkansas, transferred, or if operators demonstrate intentional failure to comply with environmental regulations, with refund amounts increasing from 0% in year one to 67% by year three.