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Rules Governing the Tax Credit Program for the Creation, Restoration, and Conservation of Private Wetland and Riparian Zones The Arkansas Natural Resources Commission is revising its existing tax credit program to include a wetland and riparian zone conservation tax credit for persons donating a qualified real property interest. The Commission is taking this action to update its program in accordance with Act 351 of 2009 (link to Act 351). Stricken language in the Proposed Rule Markup will be deleted and underlined language will be added. Many of the former rule provisions appear to have been deleted but are actually present as new language due to reorganization to incorporate the new program. Most of the apparent changes are due to this reorganization. Section 1301.3 features new definitions, corresponding to language in the Code of Federal Regulations, as well as to language from the 2009 Act. A taxpayer who would meet criteria for a federal tax deduction for making a conservation donation of wetlands or riparian zones will now also be eligible for a state tax credit. An advisory body for the wetlands and riparian zone program, the Private Wetlands Restoration Committee, now has a new name, Private Wetlands and Riparian Zone Creation, Restoration, and Conservation Committee, and new duties. The Committee’s duties will now expand to cover conservation donations. Subtitle IV of these rules describes the procedures for obtaining conservation tax credits. This language is substantially similar to the language existing in the program for wetlands and riparian zones creation and restoration credits and to language in the Code of Federal Regulations. Notice of Rulemaking will be published in the Arkansas Democrat Gazette on October 12, 13, and 14. To see the Notice of Rulemaking. (link to NOTICE OF RULEMAKING) The Commission will hold a public hearing on the proposed rule on October 21, 2009, 1:30 p.m. 101 E. Capitol Ave., Ste. 350, Little Rock, Arkansas, 72201. The Commission will accept written comments on the proposed changes through November 12, 2009 at 4:30 pm. at the same address. To view the Questionnaire and Financial Impact Statement regarding the rules filed with the Arkansas Legislative Council and the Secretary of State’s office. (link to “Questionnaire and Financial Impact Statement”)
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