Arkansas Economic Development Commission Amends Regulations on Donations to Educational Institutions Income Tax Credit Program

The Arkansas Economic Development Commission April 1 amended regulations on the Donations or Sales of Equipment to Educational Institutions Tax Credit Program for individual income, corporate income, and trust income tax purposes. The regulation as amended includes measures to: 1) establish a tax credit for donations and sales of machinery and equipment to accredited educational institutions and qualified research programs; 2) establish the application process for the credit, including the requirement that approved applicants must sign a financial incentive agreement before making the donation; 3) limit the credit that may be granted to 33 percent of the donation; 4) state ...