(a)

1. (1) Acts 1985, No. 759, grants a credit against a taxpayer's Arkansas corporate income tax or Arkansas individual income tax for donations by a taxpayer of new machinery or equipment and for sales below cost of machinery and equipment by taxpayers to qualified educational institutions for use in connection with a qualified education program or a qualified research program.
2. (2) The amount of the credit granted for donations of machinery and equipment is thirty-three percent (33%) of the cost of the machinery and equipment donated.
3. (3) The amount of the credit for machinery sold below cost is thirty-three percent (33%) of the amount by which the cost is reduced.

(b)

1. (1) Acts 1985, No. 759, grants a credit against a taxpayer's Arkansas corporate income tax or Arkansas individual income tax for any amounts which are paid by a taxpayer during the tax year to fund a qualified research program which has been approved for tax credit treatment under this part.
2. (2) The credit for qualified research expenditures shall be thirty-three percent (33%) of the amount expended by the taxpayer in the tax year on the qualified research program.