Ark. Code § 26-51-316

Current with legislation from 2024 effective through May 3, 2024.
Section 26-51-316 - Disaster relief payments and rebates
(a) There is allowed an exemption from the income tax imposed under this chapter for:
(1) Payments made to a taxpayer by the United States Department of Agriculture under the Market Facilitation Program authorized by 15 U.S.C. § 714c, as it existed on January 1, 2020; and
(2) Recovery rebates provided by the United States Department of the Treasury under Section 2201 of the Coronavirus Aid, Relief, and Economic Security Act, Pub. L. No. 116-136.
(b) Expenses for losses related to the receipt of a payment from the Market Facilitation Program to a taxpayer are not deductible or otherwise permitted to offset any other income from the tax year in which the loss or expenses are incurred.

Ark. Code § 26-51-316

Added by Act 2020F, No. 95,§ 37, eff. 4/20/2020, and for tax years beginning on or after 1/1/2020 .