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AR HB1555
Bill
Status
4/22/2021
Primary Sponsor
Logan Jett
Click for details
AI Summary
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Increases the annual cap for Arkansas historic rehabilitation income tax credits from $4 million to $8 million per fiscal year, effective beginning fiscal year 2022.
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Extends the sunset date of the Arkansas Historic Rehabilitation Income Tax Credit Act from December 31, 2027 to December 31, 2037.
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Authorizes the Division of Arkansas Heritage to use fees collected under the program for personnel costs related to administering the Act, in addition to general administration expenses.
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Amends Arkansas Code § 26-51-2204(c)(1), § 26-51-2206(b), and § 26-51-2208 to implement these changes.
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Approved on April 22, 2021 and designated Act 840 of the Regular Session.
Legislative Description
To Increase The Annual Cap On And Extend The Sunset Date Of The Arkansas Historic Rehabilitation Income Tax Credit; And To Amend The Use Of Fees Collected Under The Arkansas Historic Rehabilitation Income Tax Credit Act.
Last Action
Notification that HB1555 is now Act 840
4/22/2021