Arkansas Administrative Code
Agency 006 - Department of Finance and Administration
Division 05 - Division of Revenues
1998-1 - Comprehensive Corporation Income Tax Regulations
Rule 26-51-1701 - LOW INCOME HOUSING
Rule 1.26-51-1701 - Housing Tax Credit

Universal Citation: AR Admin Rules 1.26-51-1701
Current through Register Vol. 49, No. 9, September, 2024

This tax credit applies to taxpayers who own an interest in a low income housing project that has been qualified by the Arkansas Development Finance Authority. An eligibility statement, which must be attached to the taxpayer's income tax return in order to claim the credit, is issued by the Authority stating the amount of credit allowable. The credit for Arkansas income tax purposes shall be twenty percent (20%) of the federal low income housing credit.

If the credit cannot be fully claimed for the tax year in which established, there is a carryforward period to the next five (5) consecutive tax years. This credit is subject to recapture if the taxpayer's housing project becomes disqualified.

The low income housing credit applies to time periods after August 1, 1997 and is available on a first come, first served basis until a $250,000 per year limit is reached.

Issued and hereby effective this 10th day of December, 1998 in the city of Little Rock, Arkansas.

Tim Leathers

Commissioner of Revenue and

Acting Director

Arkansas Department of Finance and Administration

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