(a) Pursuant to regulations to be adopted by the Department of Finance and Administration, a credit against individual Arkansas income taxes shall be allowed for money contributions made by the taxpayer in a taxable year to one (1) or more of the following:
(1) A candidate seeking nomination or election to a public office at an election or to the candidate's campaign committee;
(2) An approved political action committee as defined in § 7-6-201; or
(3) An organized political party as defined in § 7-1-101.
(b) The credit allowed by subsection (a) of this section shall be the aggregate contributions, not to exceed fifty dollars ($50.00), on an individual tax return, or the aggregate contributions, not to exceed one hundred dollars ($100), on a joint return.
(c) Credits for contributions qualifying under this section and made prior to April 15 in a calendar year may be applied to the return filed for the previous taxable year.
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