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AR SB253

Bill

Official Source

Status

Passed

3/7/2017

Primary Sponsor

Bill Sample

Click for details

Origin

Senate

91st General Assembly (2017 Regular)

AI Summary

  • Increases the Arkansas historic rehabilitation income tax credit cap for income-producing property from $500,000 to $1,600,000 for projects starting on or after July 1, 2017
  • Maintains the 25% tax credit calculation on qualified rehabilitation expenses up to the applicable cap amount
  • Keeps the $100,000 cap for nonincome-producing property unchanged
  • Declares an emergency effective July 1, 2017 to align the calendar year eligibility determination with the fiscal year cap threshold for more efficient credit issuance and tracking

Legislative Description

To Amend The Arkansas Historic Rehabilitation Income Tax Credit Act; And To Declare An Emergency.

Last Action

Notification that SB253 is now Act 393

3/7/2017

Committee Referrals

Revenue & Taxation2/23/2017
Revenue and Taxation2/13/2017
Revenue & Taxation1/30/2017

Full Bill Text

No bill text available