006.05.523-V. Calculation or Pass-Through Entity Tax.
AR ADC 006.05.523-VArkansas Administrative CodeEffective: November 28, 2022
Effective: November 28, 2022
Ark. Admin. Code 006.05.523-V
006.05.523-V. Calculation or Pass-Through Entity Tax.
(c) An affected business entity that receives or earns income tax credits under Arkansas law may elect to apply those tax credits to reduce the Pass-Through Entity Tax owed by the entity. The tax credits shall be subject to the same limitations that would have been applicable had the credit been used to reduce an income tax liability. Entitlement to an income tax credit, deduction, or exemption by a member or members is not relevant to and must not be considered in the computation of the Pass-Through Entity Tax.
(g) If an affected business entity is a member of one or more other affected business entities, that entity shall subtract its distributive share of the income or add its distributive share of the losses from the other affected business entity or entities, to the extent the income or loss from the other affected business entity or entities was apportioned or allocated to Arkansas or otherwise attributable to Arkansas.
Credits
Adopted Nov. 28, 2022.
Authority. Ark. Code Ann. § 26-18-301; Ark. Code Ann. § 26-65-102; Ark. Code Ann. § 26-65-105; Ark. Code Ann. § 26-65-106.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 006.05.523-V, AR ADC 006.05.523-V
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