AR SB461

Amends Arkansas Code § 26-51-2204(b) to modify the Arkansas historic rehabilitation income tax credit structure effective fiscal year 2024.

Creates variable tax credit percentages based on city population: 40% for cities under 10,000 population, 35% for cities with 10,000-50,000 population, and 30% for cities over 50,000 population.

Maintains existing expense caps: $500,000 for projects starting before July 1, 2017, and $1,600,000 for projects starting July 1, 2017 or later on income-producing property; $100,000 on nonincome-producing property.

Tax credit equals the specified percentage of qualified rehabilitation expenses incurred to complete certified historic rehabilitations up to the applicable expense thresholds.