Has Arkansas adopted the new federal depreciation rules?
No. Arkansas has not adopted the income tax provisions contained in the federal economic stimulus bill congress passed on March 8, 2002. Therefore, Arkansas income tax returns must be filed using depreciation and expensing of property provisions found in Sections 167, 168, 179 and 179A of the Internal Revenue Code of 1986, as in effect on January 1, 1999. The Arkansas expensing deduction limit for Section 179 is $25,000 for tax years beginning on or after January 1, 2003 and $24,000 for tax years beginning on or after January 1, 2001 and before January 1, 2003.
