§ 26-51-429 - Deductions -- Depletion allowances. - Arkansas Statutes

26-51-429. Deductions -- Depletion allowances.

(a) In the case of all natural resources for which a deduction for depletion is allowed under 611 of the Internal Revenue Code of 1986, the provisions of 611-613, 614, 616, and 617 of the Internal Revenue Code of 1986, as in effect on January 1, 2007, are adopted in computing the depletion allowance deduction under Arkansas income tax law.

(b) In computing the depletion allowance deduction allowed by this section for oil and gas wells, the provisions of 613 of the Internal Revenue Code of 1986 shall not be in effect, but instead the computation of the amount of the depletion deduction shall be controlled by the provisions of 613A of the Internal Revenue Code of 1986, as in effect on January 1, 2009, which are adopted as part of the state income tax law.