The bill aims to enhance funding and incentives for waterway systems, programs, and investments in Arkansas by amending the Arkansas Port, Intermodal, and Waterway Development Grant Program. It introduces new provisions for financial assistance to port and intermodal authorities for various port development projects, including the construction and improvement of facilities. Additionally, it allows for funding to share expenses related to navigation enhancements by the United States Army Corps of Engineers. The bill also specifies that the Director of the Arkansas Waterways Commission must provide detailed information for proposed projects under the program.

Furthermore, the bill establishes a new Waterways Investment Tax Credit, which offers an income tax credit for capital improvements related to water transportation made between January 1, 2024, and December 31, 2025. The credit is capped at $3 million per taxpayer, with a cumulative limit of $2.5 million for all taxpayers in a tax year. Unused credits can be carried forward for up to nine years. However, taxpayers who have received funds from the Arkansas Port, Intermodal, and Waterway Development Grant Program are ineligible for this tax credit. The bill is set to take effect for tax years beginning on or after January 1, 2024.

Statutes affected:
Old version SB478 Original - 3-24-2023 12:49 PM: 15-23-205(a), 15-23-205(c), 19-5-1264, 26-26-1616(d)
Old version SB478 V2 - 3-29-2023 09:47 AM: 15-23-205(a), 15-23-205(c), 26-26-1616(d)
SB 478: 15-23-205(a), 15-23-205(c), 26-26-1616(d)
Act 881: 15-23-205(a), 15-23-205(c), 26-26-1616(d)