2010 Arkansas Code
Title 15 - Natural Resources and Economic Development
Subtitle 1 - Development Of Economic And Natural Resources Generally
Chapter 4 - Development Of Business And Industry Generally
Subchapter 10 - Arkansas Capital Development Company Act
§ 15-4-1025 - Exemption from certain taxes.

15-4-1025. Exemption from certain taxes.

(a) (1) The income of a capital development company shall be exempt from taxation under the Income Tax Act of 1929, 26-51-101 et seq., and from the payment of any other income taxes levied by a county or a municipality.

(2) Dividends, distributions, and income allocable to the equity interests of any company shall be exempt from all state, county, or municipal income tax.

(3) Interest on bonds, notes, or other obligations of any company issued under and in accordance with the provisions of this subchapter shall be exempt from all state, county, or municipal income taxes.

(b) Each company shall file an income tax return each year at the time provided for the filing of tax returns in the Income Tax Act of 1929, 26-51-101 et seq.

(c) Each company claiming exemption from income tax under this section shall attach to the return required in subsection (b) of this section a certification from the Bank Commissioner stating that the company has been organized and is operating as a capital development company in accordance with the provisions of this subchapter.