1.26 Ark. Code R. 51-1103
A taxpayer may receive an income tax credit for qualified research expenditures, donations and sales to qualified educational institutions as set forth in ACA 26-51-1102. The taxpayer, when claiming this income tax credit, must attach to its income tax return the documentation required by ACA 26-51-1104.
The income tax credit is limited to fifty percent (50%) of the taxpayer's tax liability, after all other credits and reductions have been calculated. The income tax credit must be claimed for the tax year in which the qualified research expenditure, donation or sale occurred. Any unused income tax credit may be carried forward during the three (3) consecutive tax years immediately following the tax year for which the credit is first established.
1.26 Ark. Code R. 51-1103