§ 26-51-419 - Deductions -- Charitable contributions.
26-51-419. Deductions -- Charitable contributions.
(a) (1) (A) Section 170 of the Internal Revenue Code of 1986, as in effect on January 1, 2009, regarding deductions for charitable contributions, is adopted for the purpose of computing Arkansas income tax liability.
(B) This adoption is for taxable years beginning on or after January 1, 2009, and will have no effect on years before its adoption.
(2) However, with respect to contributions of qualified appreciated stock within the meaning of Internal Revenue Code 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 Internal Revenue Code 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 170 of the Internal Revenue Code of 1986, may be treated as if the contribution were made on December 31, 2004, and not in January 2005.