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AR HB1706
Bill
Status
4/6/2021
Primary Sponsor
Jeff Wardlaw
Click for details
AI Summary
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Establishes the "Arkansas Wood Energy Products and Forest Maintenance Income Tax Credit" allowing a 30% tax credit on costs of wood energy products equipment purchased by qualifying businesses
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Requires qualified projects to have a minimum $50 million total investment, create at least 100 net new full-time permanent employees earning an average of at least $60,000 annually, and commence construction by December 31, 2023
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Allows taxpayers to claim annual tax credits up to $5 million or their income tax liability, whichever is less, with unused credits carried forward indefinitely
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Requires an incentive agreement with performance criteria and clawback provisions; if a public retirement system holds any portion of credits, it may sell them to the state at 80% of face value
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Becomes effective for tax years beginning on or after January 1, 2021
Legislative Description
To Create The Logging And Wood Fiber Transportation Job Creation Incentive Act; And To Create The Arkansas Wood Energy Products And Forest Maintenance Income Tax Credit.
Last Action
Notification that HB1706 is now Act 594
4/6/2021