006.05.318. Treatment of Employee Contributions to Employment-related Retirement Plans
AR ADC 006.05.318Arkansas Administrative Code
Ark. Admin. Code 006.05.318
006.05.318. Treatment of Employee Contributions to Employment-related Retirement Plans
Pursuant to the authority vested in the Director of the Arkansas Department of Finance and Administration and the Arkansas Commissioner of Revenue pursuant to the provisions of Ark. Code Ann. § 26-18-301 and in compliance with the provisions of Ark. Code Ann. §§ 25-15-201 et. seq., the Director of the Department of Finance and Administration and the Arkansas Commissioner of Revenue hereby promulgates the following rule for the administration of the Arkansas individual income tax:
1. For tax years beginning January 1, 2003, and thereafter, individual recipients of benefits from a public or private employment-related retirement system, plan or program shall be allowed to deduct or recover their cost of contribution in the plan when computing income for state income tax purposes.
2. The deduction allowed for Arkansas state income tax purposes for cost of contribution for each tax year shall be the same amount as allowed as a deduction for cost of contribution for federal income tax purposes for the same tax year pursuant to Internal Revenue Code Section 72 as in effect on July 1, 2003.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 006.05.318, AR ADC 006.05.318
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