Form Fmaa - Annual Report Of Premiums And Taxes Of All Fermers Mutual Aid Associations - 2011 Page 2
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4Instructions for AID AC FMAA (Annual Report Of Premiums, Taxes, and Fees)
Affordable Neighborhood Housing Tax Credit § 15-5-1303, 15-5-1304
Insurers that perform affordable housing assistance activities may take a premium tax credit for up to 30%
of the total amount invested and not to exceed $750,000 in any taxable year. Program must meet standards
of and be approved by Arkansas Development Finance Authority.
ATTACH ELIGIBILITY STATEMENT.
Low-Income Housing Tax Credit § 26-51-1702
Insurers are allowed a state income or premium tax credit equal to 20% of the federal low-income housing tax
credit not to exceed $250,000 in any taxable year. The credit is available for insurers that own an interest in a
qualified project for which the Arkansas Development Finance Authority has issued an eligibility statement.
ATTACH ELIGIBILITY STATEMENT.
Arkansas Historic Rehabilitation Income Tax Credit § 26-51-2201, et. seq.
The tax credits are available to a person or entity that invests in the revitalization and rehabilitation of historic
structures throughout Arkansas. The credit is available in the amount of 25% of the first $500,000 in qualified
rehabilitation expenses on income producing property or the first $100,000 in qualified rehabilitation expenses
on non-income producing property. Attach the Certificate of Income Tax Credit issued by the
Department of Arkansas Heritage.
Delta Geotourism Incentive Tax Credit Act 349 of 2009
This Act provides for a tax credit for a person or entity investing $25,000 or more in a geotourism-
supporting business in the Lower Mississippi River Delta and complies with the requirements of
Section 4(a) of the Act. Geotourism is defined as tourism that sustains or enhances the geographical
character of an area. ATTACH ELIGIBILITY STATEMENT.
Capital Development Corporation Tax Credit § 15-4-1026, 15-4-1029(f)(1)
Person who purchases an equity interest in a capital development company between 2003 through 2013 is
entitled to a credit against any state income tax liability or premium tax liability, which may be imposed on the
purchaser for any tax year commencing with the tax year, which is two years after the date of the purchase. The
credit shall be equal to thirty-three and one-third (33 1/3) of the actual purchase price paid for the equity interest
to the company, including any fees or commissions to underwriters or sales agents paid by the company. No
fees or commissions in excess of fifteen percent (15%) of the total purchase price may be considered in
calculating the amount of the credit. In any one-tax year, the credit shall not exceed fifty percent (50%) of the
net state income tax liability or premium tax liability of the taxpayer after all other credits or reductions in tax
have been calculated. No credit under this section is allowed for any tax year after December 31, 2019.
Upon dissolution, if the proceeds from the purchase of the equity interest have not been used for the purposes
stated in § 15-4-1016 or for operating expenses, then each person who previously claimed a tax credit with
respect to that purchase, the tax imposed for the year the dissolution occurs shall be increased by the tax credit
amount associated with the unused purchase proceeds. ATTACH ELIGIBILITY STATEMENT.
Coal Mining Enterprise Credit § 26-51-511
Coal mining enterprises or eligible transferees are eligible for a tax credit if the coal was sold to an electric
generation plant for less than $40.00 per ton excluding freight charges.
Equity Investment Incentive Tax Credit § 15-4-3301, et. seq.
Insurers are allowed a state income or premium tax credit for certain qualified equity investments up to 50% of
net income or premium tax liability. Attach the certified statement of the insurer, described in
§ 15-4-3305, and a tax credit certificate issued by the Arkansas Economic Development
Commission.
LINE 12:
The amount of quarterly prepayments must agree with the ACTUAL prepayment amounts paid each quarter.
DO NOT ROUND AMOUNTS. Make one check payable to the State Treasurer of Arkansas and attach to the form.
REFUNDS: If a negative amount results, it cannot be carried forward. A refund will be processed after the audit is
completed.
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