AR SB834

Adds new section 26-51-314 to Arkansas Code exempting awards, grants, and scholarships from state income tax when received from nonprofit volunteer service organizations including the Corporation for National and Community Services, Arkansas Service Commission, or similar entities in other states

Exemption applies to awards used to attend accredited institutions of higher education that have existed for at least two years

Exemption applies to awards used for educational training at licensed institutions offering at least a six-month program to prepare students for recognized occupations, provided the institution has existed for at least two years

Exemption applies to awards used to repay student loans

Effective for tax years beginning on or after January 1, 2015; Director of Department of Finance and Administration authorized to promulgate implementing rules