Act 561 of 1995 created income tax credits for taxable years beginning on or after January 1, 1996 equal to the project cost incurred in the development or restoration of private wetlands and riparian zones.
The amount of credit used for any taxable year may not exceed $5,000 and may be carried over for maximum of nine (9) consecutive taxable years following the taxable year in which the credit originated. The project must be maintained for a minimum life of ten (10) years after the project is completed.
To claim the credits authorized by this Act, you should complete form AR-1020 BIC (parts 4 & 18) and the original Certificate of Approval from the Soil and Water Commission must be attached to the return on which the credit is first claimed.
(ACA 26-51-1501 et seq.)
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