1. (a) Travel and entertainment – Arkansas Code § 26-51-423(b).
2. (b) For tax years beginning before January 1, 1995, I.R.C. § 274 as in effect January 1, 1989, shall apply.
3. (c) For tax years beginning on or after January 1, 1995, I.R.C. § 274 as in effect January 1, 1995, shall apply.
4. (d) Eighty percent (80%) of qualified expenses will be allowed in tax years beginning before January 1, 1995, and fifty percent (50%) of qualified expenses will be allowed in tax years beginning on or after January 1, 1995.
5. (e) For tax years beginning on or after January 1, 1997, I.R.C. § 274 as in effect on January 1, 1997, shall apply.
6. (f) The percentage will gradually rise beginning in 1998 as set forth below: For taxable years beginning in The applicable calendar year percentage is - 1998 or 1999 55% 2000 or 2001 60% 2002 or 2003 65% 2004 or 2005 70% 2006 or 2007 75% 2008 or thereafter 80%

Codification Notes: I.R.C. § 274 is codified at 26 U.S.C. § 274.