Ark. Code Ann. § 26-51-314: Payments from an agricultural disaster program to a cattle farmer or cattle rancher - Definition

(a) As used in this section, "agricultural disaster program" means a program that provides compensation to a cattle farmer or cattle rancher who has suffered a loss as the result of an emergency, a disaster, or declining market prices or value, including without limitation the following programs: (1) Livestock Forage Disaster Program; (2) Livestock Indemnity Program; (3) Emergency Assistance for Livestock, Honeybees, and Farm-Raised Fish; (4) Emergency Conservation Program; (5) Noninsured Crop Disaster Assistance Program; (6) Pasture, Rangeland, Forage Pilot Insurance Program; (7) Annual Forage pilot program; (8) Livestock Risk Protection insurance plan; and (9) Livestock Gross Margin insurance plan. (b) There is allowed an exemption from the income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., for payments made to a cattle farmer or cattle rancher from an agricultural disaster program. (c) Expenses for losses related to the receipt of a payment from an agricultural disaster program to a cattle farmer or cattle rancher are not deductible or otherwise permitted to offset any other income from the tax year in which the loss or expenses are incurred. Added by Act 2015, No. 891,§ 1, eff. for tax years beginning on or after January 1, 2015.

(a) As used in this section, "agricultural disaster program" means a program that provides compensation to a cattle farmer or cattle rancher who has suffered a loss as the result of an emergency, a disaster, or declining market prices or value, including without limitation the following programs: (1) Livestock Forage Disaster Program; (2) Livestock Indemnity Program; (3) Emergency Assistance for Livestock, Honeybees, and Farm-Raised Fish; (4) Emergency Conservation Program; (5) Noninsured Crop Disaster Assistance Program; (6) Pasture, Rangeland, Forage Pilot Insurance Program; (7) Annual Forage pilot program; (8) Livestock Risk Protection insurance plan; and (9) Livestock Gross Margin insurance plan.

(1) Livestock Forage Disaster Program;

(2) Livestock Indemnity Program;

(3) Emergency Assistance for Livestock, Honeybees, and Farm-Raised Fish;

(4) Emergency Conservation Program;

(5) Noninsured Crop Disaster Assistance Program;

(6) Pasture, Rangeland, Forage Pilot Insurance Program;

(7) Annual Forage pilot program;

(8) Livestock Risk Protection insurance plan; and

(9) Livestock Gross Margin insurance plan.

(b) There is allowed an exemption from the income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., for payments made to a cattle farmer or cattle rancher from an agricultural disaster program.

(c) Expenses for losses related to the receipt of a payment from an agricultural disaster program to a cattle farmer or cattle rancher are not deductible or otherwise permitted to offset any other income from the tax year in which the loss or expenses are incurred.