26 CAR § 130-153. Donations and sales to educational institutions — Limit on total credit for qualified research expenditures, donations, and sales — Arkansas Code § 26-51-1103

(a)(1) A taxpayer may receive an income tax credit for qualified research expenditures, donations, and sales to qualified educational institutions as set forth in Arkansas Code § 26-51-1102. (2) The taxpayer, when claiming this income tax credit, must attach to its income tax return the documentation required by Arkansas Code § 26-51-1104. (b) The income tax credit is limited to fifty percent (50%) of the taxpayer's tax liability, after all other credits and reductions have been calculated. (c) The income tax credit must be claimed for the tax year in which the qualified research expenditure, donation, or sale occurred. (d) Any unused income tax credit may be carried forward during the three (3) consecutive tax years immediately following the tax year for which the credit is first established.