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AR HB1830
Bill
Status
4/24/2019
Primary Sponsor
Grant Hodges
Click for details
AI Summary
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Creates an exemption from Arkansas income tax for nongrantor trusts administered by a trustee who is a resident of Arkansas under Arkansas Code Title 26, Chapter 51, Subchapter 3.
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Applies the exemption only to trusts that are not considered grantor trusts under 26 U.S.C. § 671 et seq., as those provisions existed on January 1, 2019.
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Intended to increase Arkansas's competitiveness in the financial services sector by attracting out-of-state trust assets to be administered by Arkansas trustees.
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Aims to discourage Arkansas residents from establishing nongrantor trusts in foreign states by removing the tax incentive to do so.
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Effective for tax years beginning on or after January 1, 2019.
Legislative Description
To Amend The Income Tax Laws Relating To Certain Trusts; To Preserve Certain Trust Assets; And To Exempt Certain Trusts From Income Tax.
Last Action
Died on House Calendar at Sine Die Adjournment
4/24/2019