§ 26-51-1005 - Credit granted -- Water impoundments outside critical areas. - Arkansas Statutes

26-51-1005. Credit granted -- Water impoundments outside critical areas.

(a) For projects located outside critical groundwater areas, there shall be allowed as a credit against the tax imposed by the Income Tax Act of 1929, 26-51-101 et seq., in an amount equal to fifty percent (50%) of the project cost incurred in the construction and installation or restoration of water impoundments or water control structures of twenty (20) acre-feet or more designed for the purpose of storing water to be used primarily for agricultural, commercial, or industrial purposes.

(b) (1) The amount of the credit that may be used by a taxpayer for a taxable year may not exceed the lesser of the amount of individual or corporate income tax otherwise due or nine thousand dollars ($9,000).

(2) Any unused credit may be carried over for a maximum of nine (9) consecutive taxable years following the taxable year in which the credit originated.