1.26 Ark. Code R. 51-423(b)
Current through Register Vol. 49, No. 9, September, 2024
For tax years beginning before 01/01/95, IRC Section 274 as in effect 01/01/89 shall apply. For tax years beginning on or after 01/01/95, IRC Section 274 as in effect 01/01/95 shall apply.
Eighty percent (80%) of qualified expenses will be allowed in tax years beginning before 01/01/95, and 50% of qualified expenses will be allowed in tax years beginning on or after 01/01/95. For tax years beginning on or after 01/01/97, IRC Section 274 as in effect on 01/01/97 shall apply. The percentage will gradually rise beginning in 1998 as set forth below:
For taxable years beginning in | The applicable calendar year - percentage is - |
1998 or 1999 | 55% |
2000 or 2001 | 60% |
2002 or 2003 | 65% |
2004 or 2005 | 70% |
2006 or 2007 | 75% |
2008 or thereafter | 80% |
1.26 Ark. Code R. 51-423(b)