AR SB559

Increases income tax credit limits for water impoundments from $90,000 to $150,000 per project, with annual usage capped at $15,000 instead of $9,000.

Increases income tax credit percentage for surface water conversion projects outside critical areas from 10% to 25% of project costs, with maximum credit raised from $27,000 to $75,000.

Increases income tax credit for agricultural/recreational projects in critical groundwater areas from $27,000 to $150,000, and extends carryover period from 2 years to 15 years.

Adds new tax credit provision for regional surface water irrigation district projects up to $3,500,000 total, with individual participants limited to $200,000 total credit and $50,000 annual usage.

Allows income tax credits under the Water Resource Conservation and Development Incentives Act to be transferred between parties, with transferees subject to carryover provisions based on original approval date.