The Arkansas Department of Finance and Administration released a legal opinion clarifying that a taxpayer may claim the state historic tax credit (HTC) against the state income tax or the state insurance premium tax, but not both. In the opinion, the taxpayer asked whether the language of the state tax code allowed the state HTC to be taken against both taxes, whether one one had priority and whether an eligible property could be both income producing and non-income producing. The opinion said that there is only one deduction per credit, which can be applied to either tax, but not both. The opinion also clarified that an eligible property cannot be both income producing and non-income producing.