26 CAR § 69-107. Limitations

(a) Income tax credits for eligible costs related to a waterway facility or property are allowed only if the eligible costs are incurred: (1) On or after January 1, 2024; and (2) On or before December 31, 2025. (b) The total cumulative tax credits awarded in a calendar year for all taxpayers shall not exceed two million five hundred thousand dollars ($2,500,000). (c) A taxpayer may not claim an income tax credit in any one tax year in excess of ten percent (10%) of the total tax credit for which the taxpayer is eligible. (d) The maximum tax credit allowed by a taxpayer for eligible costs related to a waterway facility or property is three million dollars ($3,000,000). (e) Unused tax credits may be carried forward for nine (9) consecutive years following the tax year in which the credit was earned. (f) A taxpayer who has received funds under the Arkansas Port, Intermodal, and Waterway Development Grant Program is not eligible for a Waterways Investment Income Tax Credit.