Arkansas § 26-51-428 [See Note] Depreciation - Deductions - Expensing of property

Arkansas Statutes

§ 26-51-428 — [See Note] Depreciation - Deductions - Expensing of property

Arkansas § 26-51-428

Title26

This text of Arkansas § 26-51-428 ([See Note] Depreciation - Deductions - Expensing of property) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 26-51-428 (2026).

Text

(a)(1) Title 26 U.S.C. §§ 167 and 168(a)-

(j), as in effect on January 1, 2019, are adopted for the purpose of computing Arkansas income tax liability for property purchased in tax years beginning on or after January 1, 2014.

(2)Title 26 U.S.C. § 179 , as in effect on January 1, 2022, is adopted for the purpose of computing Arkansas income tax liability for property purchased in tax years beginning on or after January 1, 2022.

(b)The basis on which exhaustion, wear and tear, and obsolescence are to be allowed in respect to any property shall be the adjusted basis provided in § 26-51-411 for the purpose of determining the gain on the sale or other disposition of the property.

(c)Title 26 U.S.C. § 197 , as in effect on January 1, 2007, regarding the amortization of goodwill and certain o

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(a) (1) Title 26 U.S.C. §§ 167 and 168(a)-(j) , as in effect on January 1, 2019, are adopted for the purpose of computing Arkansas income tax liability for property purchased in tax years beginning on or after January 1, 2014. (2) Title 26 U.S.C. § 179 , as in effect on January 1, 2022, is adopted for the purpose of computing Arkansas income tax liability for property purchased in tax years beginning on or after January 1, 2022. (b) The basis on which exhaustion, wear and tear, and obsolescence are to be allowed in respect to any property shall be the adjusted basis provided in § 26-51-411 for the purpose of determining the gain on the sale or other disposition of the property. (c) Title 26 U.S.C. § 197 , as in effect on January 1, 2007, regarding the amortization of goodwill and certain other intangibles, is adopted for the purpose of computing Arkansas income tax liability.

Legislative History

Amended by Act 2023, No. 181,§ 2, eff. 8/1/2023(see note). Amended by Act 2023, No. 181,§ 1, eff. 8/1/2023(see note). Amended by Act 2022EX3, No. 2,§ 4, eff. effective for tax years beginning on or after January 1, 2022. Amended by Act 2022EX3, No. 1,§ 4, eff. effective for tax years beginning on or after January 1, 2022. Amended by Act 2019, No. 870,§ 8, eff. for tax years beginning on or after 1/1/2019. Amended by Act 2017, No. 155,§ 22, eff. for tax years beginning on and after 1/1/2015. Amended by Act 2015, No. 580,§ 19, eff. for tax years beginning on or after January 1, 2014. Amended by Act 2013, No. 1254,§ 10, eff. 8/16/2013, op. for tax years beginning on or after 1/1/2013. Acts 1929, No. 118, Art. 3, § 13; Pope's Dig., § 14036; Acts 1957, No. 147, § 1; 1957, No. 156, § 1; 1983, No. 379, §§ 8-11; 1983, No. 854; §§ 1, 5; A.S.A. 1947, §§ 84-2016, 84-2016.16; Acts 1987, No. 382, §§ 17, 32; 1989, No. 826, §§ 29, 30; 1991, No. 685, § 7; 1995, No. 1160, § 4; 1997, No. 951, § 12; 1999, No. 1126, § 33; 2007, No. 218, § 26; 2009, No. 372, § 18. Act 2023, No. 181,§ 2 provides that, "Uncodified Acts 2007, No. 613, § 2, is repealed as obsolete because the Chief Fiscal Officer of the State made the certification described in Acts 2007, No. 613, § 2, on August 10, 2007, making this version of Arkansas Code § 26-51-428 effective, but Acts 2009, No. 372, § 18, amended the expired version of Arkansas Code § 26-51-428, thus reviving the expired version, which was subsequently amended to produce a correct result."