{"data":{"id":"us-ar/ark.-code-ann.-15-4-2407","jurisdiction":"us-ar","citation":"Ark. Code Ann. § 15-4-2407","heading":"Apportionment of credit amount","body":"In the case of a qualified manufacturer of steel as described in § 15-4-2405(a) which is: (1) A proprietorship, partnership, or other business organization treated as a proprietorship or partnership for tax purposes, the amount of the credit determined under this subchapter for any taxable year shall be apportioned to each proprietor, partner, member, or other owner in proportion to the amount of income from the entity which the proprietor, partner, member, or other owner is required to include in gross income; (2) A Subchapter S corporation, the amount of credit determined shall be apportioned to each Subchapter S corporation shareholder in proportion to the amount of income from the entity which the Subchapter S corporation shareholder is required to include as gross income; or (3) An estate or trust: (A) The amount of the credit determined for any taxable year shall be apportioned between the estate or trust and the beneficiaries on the basis of the income of the estate or trust allocable to each; and (B) Any beneficiary to whom any amount has been apportioned under this subchapter shall be allowed, subject to the limitations contained in this subchapter, a credit under this subchapter for that amount. Acts 2001, No. 541, § 7.\n\nIn the case of a qualified manufacturer of steel as described in § 15-4-2405(a) which is:\n\n(1) A proprietorship, partnership, or other business organization treated as a proprietorship or partnership for tax purposes, the amount of the credit determined under this subchapter for any taxable year shall be apportioned to each proprietor, partner, member, or other owner in proportion to the amount of income from the entity which the proprietor, partner, member, or other owner is required to include in gross income;\n\n(2) A Subchapter S corporation, the amount of credit determined shall be apportioned to each Subchapter S corporation shareholder in proportion to the amount of income from the entity which the Subchapter S corporation shareholder is required to include as gross income; or\n\n(3) An estate or trust: (A) The amount of the credit determined for any taxable year shall be apportioned between the estate or trust and the beneficiaries on the basis of the income of the estate or trust allocable to each; and (B) Any beneficiary to whom any amount has been apportioned under this subchapter shall be allowed, subject to the limitations contained in this subchapter, a credit under this subchapter for that amount.\n\n(A) The amount of the credit determined for any taxable year shall be apportioned between the estate or trust and the beneficiaries on the basis of the income of the estate or trust allocable to each; and\n\n(B) Any beneficiary to whom any amount has been apportioned under this subchapter shall be allowed, subject to the limitations contained in this subchapter, a credit under this subchapter for that amount.","path":["AR Code","Title 15","Chapter 4","Subchapter 24"],"source_url":"https://oss-data-us.vaquill.ai/v2026.08/us_ar_statutes.parquet","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:41Z","sha256":"8e04e179bd811c98f3b12ea23137f860c1beea3840a163f93f5fd1e53c2f1f45","source_id":"us-ar","stale":false,"prev":"us-ar/ark.-code-ann.-15-4-2406","next":"us-ar/ark.-code-ann.-15-4-2501"},"notice":"GroundRules: Original legal text. Not legal advice."}