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AR HB1493

Bill

Official Source

Status

Passed

3/14/2019

Primary Sponsor

Logan Jett

Click for details

Origin

House of Representatives

92nd General Assembly (2019 Regular)

AI Summary

  • Amends Arkansas Code § 26-51-2204(d) to clarify that the Arkansas historic rehabilitation income tax credit is available to eligible property owners
  • Reduces minimum investment threshold for nonincome-producing properties from $25,000 to $5,000 in qualified rehabilitation expenses
  • Maintains $25,000 minimum investment threshold for income-producing properties in qualified rehabilitation expenses
  • Requires properties to complete certified rehabilitation placed in service after January 1, 2009, and prohibits receiving other state tax credits for the same property
  • Effective for tax years beginning on or after January 1, 2019

Legislative Description

To Amend The Arkansas Historic Rehabilitation Income Tax Credit; And To Reduce The Investment Threshold Necessary To Qualify For The Arkansas Historic Rehabilitation Income Tax Credit.

Last Action

Notification that HB1493 is now Act 470

3/14/2019

Committee Referrals

Revenue & Taxation2/28/2019
Revenue and Taxation2/18/2019

Full Bill Text

No bill text available