Raises tax credits for long-term care insurance from twenty percent to fifty percent; applies to the corporation tax, franchise tax on business corporations, personal income tax, and franchise tax on insurance corporations.
Increases the amount of the credit against taxes for long-term care insurance from twenty to forty percent and from one thousand five hundred dollars to two thousand five hundred dollars.
Provides corporation business tax and gross income tax credits to long-term care facilities that increase number of residential units reserved for single occupancy by at least five percent.
To Amend Laws Concerning The Corporate Franchise Tax; To Repeal The Arkansas Corporate Franchise Tax Act Of 1979; And To Require An Annual Report For Corporations.