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2017 Arkansas Code
Title 26 - Taxation
Subtitle 5 - State Taxes
Chapter 51 - Income Taxes
Subchapter 3 - Exemptions and Reduced Tax Rates
§ 26-51-314. Payments from an agricultural disaster program to a cattle farmer or cattle rancher
Universal Citation: AR Code § 26-51-314 (2017)
- (a) As used in this section, "agricultural disaster program" means a program that provides compensation to a cattle farmer or cattle rancher who has suffered a loss as the result of an emergency, a disaster, or declining market prices or value, including without limitation the following programs:
- (1) Livestock Forage Disaster Program;
- (2) Livestock Indemnity Program;
- (3) Emergency Assistance for Livestock, Honeybees, and Farm-Raised Fish;
- (4) Emergency Conservation Program;
- (5) Noninsured Crop Disaster Assistance Program;
- (6) Pasture, Rangeland, Forage Pilot Insurance Program;
- (7) Annual Forage Pilot Program;
- (8) Livestock Risk Protection Insurance Plan; and
- (9) Livestock Gross Margin insurance plan.
- (b) There is allowed an exemption from the income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., for payments made to a cattle farmer or cattle rancher from an agricultural disaster program.
- (c) Expenses for losses related to the receipt of a payment from an agricultural disaster program to a cattle farmer or cattle rancher are not deductible or otherwise permitted to offset any other income from the tax year in which the loss or expenses are incurred.
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