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AR HB1911
Bill
Status
4/15/2019
Primary Sponsor
Michelle Gray
Click for details
AI Summary
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Adopts 26 U.S.C. §§ 671-679 as they existed on January 1, 2019, to determine whether a grantor or another person shall be treated as the owner of a portion of a trust for Arkansas income tax purposes.
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Conforms Arkansas income tax treatment of grantor trusts and their beneficiaries with federal income tax treatment for the same trusts.
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Subjects grantors and other persons described in 26 U.S.C. §§ 671-679 to Arkansas filing and reporting requirements under § 26-51-806.
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Effective for tax years beginning on or after January 1, 2020, providing taxpayers time to arrange their financial and tax affairs accordingly.
Legislative Description
To Amend The Income Tax Act Of 1929 Concerning Who Shall Be Treated As The Owner Of A Portion Of A Trust.
Last Action
Notification that HB1911 is now Act 1027
4/15/2019