Arkansas § 26-51-445 Adoption expenses

Arkansas Statutes

§ 26-51-445 — Adoption expenses

(a)Title 26 U.S.C. § 23 , as in effect on January 2, 2013, and 26 U.S.C. § 36C , as in effect on January 2, 2013, are adopted for purposes of determining the allowable credit for adoption-related fees, costs, and expenses paid or incurred by a taxpayer.

(b)(1) The amount of credit allowed against Arkansas income tax due is twenty percent (20%) of the federal credit as calculated under 26 U.S.C. §§ 23 and 36C .

(2)The amount of the credit that may be used by a taxpayer for a taxable year may not exceed the amount of income tax otherwise due.

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(a) Title 26 U.S.C. § 23 , as in effect on January 2, 2013, and 26 U.S.C. § 36C , as in effect on January 2, 2013, are adopted for purposes of determining the allowable credit for adoption-related fees, costs, and expenses paid or incurred by a taxpayer. (b) (1) The amount of credit allowed against Arkansas income tax due is twenty percent (20%) of the federal credit as calculated under 26 U.S.C. §§ 23 and 36C . (2) The amount of the credit that may be used by a taxpayer for a taxable year may not exceed the amount of income tax otherwise due.

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Legislative History

Amended by Act 2013, No. 1254,§ 12, eff. 8/16/2013, op. retroactively to tax years beginning on or after 1/1/2012. Acts 1995, No. 535, §§ 1-4; 1997, No. 951, § 32; 1999, No. 1126, § 38; 2003, No. 663, § 11; 2011, No. 787, § 30.