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AR SB481
Bill
Status
4/13/2021
Primary Sponsor
Jonathan Dismang
Click for details
AI Summary
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Amends Arkansas Code § 15-4-2306(b) to change the tax credit calculation to 33% of the taxpayer's contribution for the Arkansas Public Roads Improvements Credit Act.
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Increases the annual tax credit offset limit from 50% to up to 100% of the taxpayer's net Arkansas state income tax liability after all other credits and reductions.
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Extends the carryforward period for unused credits from 3 years to 10 years following the year the credit arose, allowing unused credits to be applied against future tax liabilities.
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Effective for tax years beginning on or after January 1, 2020.
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Approved April 12, 2021.
Legislative Description
To Increase The Use Of The Program Created Under The Arkansas Public Roads Improvements Credit Act By Making It Easier To Use The Tax Credit Provided Under The Act.
Last Action
Notification that SB481 is now Act 628
4/13/2021