§ 26-51-514 - Cigarette receptacle tax credit. [Effective if contingency in Acts 2009, No. 1500, 2 is met.]. - Arkansas Statutes

26-51-514. Cigarette receptacle tax credit. [Effective if contingency in Acts 2009, No. 1500, 2 is met.].

(a) As used in this section, "cigarette receptacle" means a receptacle or urn specifically designed for the disposal of cigarette litter such as cigarette butts and ash.

(b) (1) A business or commercial enterprise with fifty (50) or fewer employees is allowed an income tax credit against the income tax imposed by the Income Tax Act of 1929, 26-51-101 et seq., for the purchase of a cigarette receptacle that is placed in service during the taxable year.

(2) The amount of the income tax credit under this section is twenty percent (20%) of the purchase price of the cigarette receptacle.

(3) A taxpayer may claim the income tax credit under this section only one (1) time and only for one (1) cigarette receptacle.

(c) Any unused income tax credit under this section may be carried forward for three (3) consecutive tax years following the tax year the income tax credit was earned.

(d) The amount of the income tax credit under this section that may be claimed by the taxpayer in a tax year shall not exceed the amount of income tax due by the taxpayer.

(e) The Department of Finance and Administration shall promulgate rules to implement this section.