AR SB696

Increases the Arkansas historic rehabilitation income tax credit cap for income-producing property from $500,000 to $800,000 of qualified rehabilitation expenses.

Increases the income tax credit cap for nonincome-producing property from $100,000 to $200,000 of qualified rehabilitation expenses.

Raises the annual fiscal year limit for total credits issued by the Department of Arkansas Heritage from $4,000,000 to $6,000,000.

Unused credits do not carry over to the following fiscal year, but certifications that exceed the annual cap are carried forward for consideration in the next fiscal year.

Effective for tax years beginning on or after January 1, 2015.