2011 Form Aid Ac Ci-T - Annual Report Of Premiums, Taxes, And Fees Of All Captive Insurance Companies - Arkansas Insurance Department Page 2
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5INSTRUCTIONS FOR AID AC CI-T (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.
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. The certified statement of the insurer, described in
§ 15-4-3305, and a tax credit certificate issued by the Arkansas Economic Development
Commission must be submitted with the premium tax return.
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.
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