AR SB924

Creates an income tax credit for capital improvements to water transportation facilities in Arkansas, including construction, improvement, rehabilitation, and expansion of waterway facilities and rail or road access to them, for projects completed between January 1, 2015 and December 31, 2016.

Limits the tax credit to a maximum of $3,000,000 per taxpayer, with annual claims capped at 10% of the total eligible credit per taxpayer.

Establishes a statewide cumulative cap of $2,500,000 in tax credits per year, distributed on a first-come, first-served basis.

Allows unused credits to be carried forward for nine consecutive tax years if they cannot be claimed due to annual limits.

Prohibits eligibility for taxpayers who have received funds under the Arkansas Port, Intermodal, and Waterway Development Grant Program; requires the Department of Finance and Administration to review economic impact and report findings by December 31, 2021 and 2026.