§ 26-51-1504 - Applicability. - Arkansas Statutes

26-51-1504. Applicability.

(a) There are two (2) types of tax credits available under this subchapter:

(1) Wetland and riparian zone creation and restoration tax credits, which shall apply to taxable years beginning on or after January 1, 1996, and all taxable years thereafter; and

(2) Wetland and riparian zone conservation tax credits, which shall apply to taxable years beginning on or after January 1, 2009, and all taxable years thereafter.

(b) (1) Any taxpayer claiming a tax credit under this subchapter may not claim a credit under the Water Resources Conservation and Development Incentives Act of 1985, 26-51-1001 et seq., or any similar act for any costs related to the same project.

(2) Any taxpayer claiming a tax credit under this subchapter may not claim a tax credit under any other act for any costs related to the same project.

(c) Any tax credits issued to partnerships, limited liability companies, Subchapter S corporations, or fiduciaries may pass through to their members, managers, partners, shareholders, and/or beneficiaries.