Ark. Code Ann. § 26-51-1012: Deduction for project costs above tax credit

(a) In determining net income for Arkansas income tax purposes, any approved applicant qualifying for the tax credits provided in this subchapter is also entitled to a deduction in an amount equal to the project cost less the total amount of tax credits to which the approved applicant is entitled under this subchapter.

(b) The deduction provided for in this subchapter shall be taken only during the year in which the expenditures for the project were actually incurred.