Source: https://www.arkleg.state.ar.us/Acts/FTPDocument?path=%2FACTS%2F1987R%2FPublic%2F&file=382.pdf&ddBienniumSession=1987%2F1987R#page=9
Page 9, text extracted with pdftotext (poppler), reading order.

assignee shall make returns for such corporation in the same manner and form
as corporations are required to make returns, and any tax due on the basis of
such returns shall be collected in the same manner as if collected from the
corporations of whose business or property they have custody or control.
(b) Returns made under this Section shall be subject to the provisions
of this Act."
(IRA and Deferred Compensation)
SECTION 27. Section 2 of Act 202 of 1959, as amended, the same being
Ark. Stat. Ann. 84-2049, is hereby amended to read as follows:
"Section 2. Sections 219 and 401 through 416 (26 U.S C.
219 and 401
through 416) inclusive, of the Internal Revenue Code of 1986, in effect on
January 1, 1987, are hereby adopted in computing the income tax liabilities,
under the provisions of the Income Tax Act of 1929, as amended, for all participants in deferred compensation plans qualifying as such under these provisions, except Arkansas capital gains treatment and Arkansas tax rates shall
apply. Any additional tax or penalty imposed by this Section shall be ten
percent (10%) of the amount of any additional tax or penalty provided in the
federal income tax law adopted by this Section."
SECTION 28. MISCELLANEOUS ITEMIZED DEDUCTIONS (a) In the case of an
individual, the miscellaneous itemized deductions for any taxable year shall
be allowed only to the extent that the aggregate of such deductions exceeds two
percent (2%) of adjusted gross income.
(b) For the purposes of this section, the term "miscellaneous itemized
deductions" means the itemized deductions other than:
(1) The deduction allowed under Section l3(a)(l) of Act ll8 of l929, as
amended, the same being Ark. Stat. Ann. 84-20l6(a)(l), relating to expenses
in carrying on a trade or business. However, employee business expenses which
are not reimbursed by the employer are miscellaneous itemized deductions.
(2) The deduction allowed under Section l3(a)(2) of Act ll8 of l929, as
amended, the same being Ark. Stat. Ann. 84-20l6(a)(2), relating to medical,
dental, drug and related health care expenses.
(3) The deduction allowed under Section l3 (b) of Act ll8 of l929, as
amended the same being Ark. Stat. Ann. 84-20l6(b), relating to interest.
(4) The deduction allowed under Section l3(c) of Act ll8 of l929, as
amended, the same being Ark. Stat. Ann. 84-20l6(c), relating to taxes.
(5) The deduction allowed under Section l3(d) of Act ll8 of l929, as
amended, the same being Ark. Stat. Ann. 84-20l6(d), relating to losses.
(6) The deduction allowed under Section 2 of Act 25 of l967, as amended,
the same being Ark. Stat. Ann. 84-20l6.3, relating to charitable contributions.
(7) The deduction allowed under l of Act 8l8 of l983, the same being
Ark. Stat. Ann. 84-20l6.l5, relating to the donation of artistic, literary
and musical creations.
PROCEDURAL PROVISIONS
(FOIA Exclusion for all Tax Returns)
SECTION 29. Subsection (a) of Section 6 of Act 401 of 1979, as
amended, the same being Ark. Stat. Ann.
84-4706, are hereby amended to read
as follows:
"(a) The Commissioner is the official custodian of all records and files
required by any State tax law to be filed with the Commissioner and is
required to take all steps necessary to maintain their confidentiality.
Except as otherwise provided by this Act, the records and files of the
commissioner concerning the administration of any State tax law are confidential and privileged. These records and files and any information obtained

