Arkansas § 26-51-316 Disaster relief payments and rebates

Arkansas Statutes

§ 26-51-316 — Disaster relief payments and rebates

(a)There is allowed an exemption from the income tax imposed under this chapter for:

(1)Payments made to a taxpayer by the United States Department of Agriculture under the Market Facilitation Program authorized by 15 U.S.C. § 714c , as it existed on January 1, 2020; and (2) Recovery rebates provided by the United States Department of the Treasury under Section 2201 of the Coronavirus Aid, Relief, and Economic Security Act, Pub. L. No. 116-136.

(b)Expenses for losses related to the receipt of a payment from the Market Facilitation Program to a taxpayer are not deductible or otherwise permitted to offset any other income from the tax year in which the loss or expenses are incurred.

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(a) There is allowed an exemption from the income tax imposed under this chapter for: (1) Payments made to a taxpayer by the United States Department of Agriculture under the Market Facilitation Program authorized by 15 U.S.C. § 714c , as it existed on January 1, 2020; and (2) Recovery rebates provided by the United States Department of the Treasury under Section 2201 of the Coronavirus Aid, Relief, and Economic Security Act, Pub. L. No. 116-136. (b) Expenses for losses related to the receipt of a payment from the Market Facilitation Program to a taxpayer are not deductible or otherwise permitted to offset any other income from the tax year in which the loss or expenses are incurred.

Arkansas § 26-51-316 (Disaster relief payments and rebates) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.