2015 Arkansas Code
Title 26 - Taxation
Subtitle 5 - State Taxes
Chapter 51 - Income Taxes
Subchapter 4 - Computation of Tax Liability
§ 26-51-419 - Deductions -- Charitable contributions.

(a) (1) Title 26 U.S.C. § 170, as in effect on January 1, 2015, regarding deductions for charitable contributions, is adopted for the purpose of computing Arkansas income tax liability.

(2) However, with respect to contributions of qualified appreciated stock within the meaning of 26 U.S.C. § 170(e)(5) made after May 31, 1997, the provisions of this section shall apply after taking into account the extension of the provisions of 26 U.S.C. § 170(e)(5) by § 602 of the Taxpayer Relief Act of 1997, Pub. L. No. 105-34, and § 1004(a) of the Tax and Trade Relief Extension Act of 1998, Pub. L. No. 105-277.

(b) The provisions of subsection (a) of this section shall apply to a corporation that files an Arkansas consolidated corporation income tax return pursuant to § 26-51-805, provided that each member of the affiliated group shall follow the provisions of § 26-51-805(f) and calculate its contribution limits separately.

(c) For purposes of subsection (a) of this section, a cash contribution made in January 2005 for the relief of victims in areas affected by the December 26, 2004, Indian Ocean tsunami, for which a charitable contribution deduction is allowed under 26 U.S.C. § 170, may be treated as if the contribution were made on December 31, 2004, and not in January 2005.