Arkansas Administrative Code
Agency 006 - Department of Finance and Administration
Division 05 - Division of Revenues
1998-1 - Comprehensive Corporation Income Tax Regulations
Rule 15-5-1301 - AFFORDABLE NEIGHBORHOOD HOUSING
Rule 1.15-5-1301 - Housing Tax Credit

Universal Citation: AR Admin Rules 1.15-5-1301
Current through Register Vol. 49, No. 9, September, 2024

This tax credit applies to any taxpayer who provides affordable housing assistance that has been qualified by the Arkansas Development Finance Authority ("ADFA"). The ADFA establishes the requirements for this credit and issues a certificate of eligibility for tax credit. This certificate must be attached to the taxpayer's income tax return upon which the tax credit is first taken.

The allowable credit cannot exceed thirty (30%) percent of the total amount invested in affordable housing assistance activities by the taxpayer. If not fully used in the year established, this credit may be carried forward for up to five (5) consecutive tax years following the tax year in which the credit originated.

The affordable neighborhood housing tax credit applies to tax years ending after August 1, 1997 and is available on a first come, first served basis until a $750,000 per year limit for all taxpayers is reached.

Disclaimer: These regulations may not be the most recent version. Arkansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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