§ 26-51-1009 - Credit granted -- Land leveling for water conservation. - Arkansas Statutes

26-51-1009. Credit granted -- Land leveling for water conservation.

(a) 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 ten percent (10%) of the project cost incurred for agricultural land leveling to conserve irrigation water.

(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 tax credit may be carried over for a maximum of two (2) consecutive taxable years following the taxable year in which the credit originated.