AR SB341

Creates Arkansas Code 26-51-314 to exempt payments from agricultural disaster programs received by cattle farmers or cattle ranchers from state income tax.

Defines "agricultural disaster program" to include nine federal programs: Livestock Forage Disaster Program, Livestock Indemnity Program, Emergency Assistance for Livestock/Honeybees/Farm-Raised Fish, Emergency Conservation Program, Noninsured Crop Disaster Assistance Program, Pasture/Rangeland/Forage Pilot Insurance Program, Annual Forage Pilot Program, Livestock Risk Protection Insurance Plan, and Livestock Gross Margin insurance plan.

Prohibits cattle farmers and ranchers from deducting or offsetting expenses related to losses that generated agricultural disaster program payments against other income in the same tax year.

Effective for tax years beginning on or after January 1, 2015.

Approved April 1, 2015.