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AR HB1221
Bill
Status
5/1/2023
Primary Sponsor
Deann Vaught
Click for details
AI Summary
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Amends Arkansas Code § 26-51-404(b)(1) to add an exclusion from gross income for gains from involuntary conversion of livestock due to drought, flood, or other weather-related conditions.
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Requires that income from the involuntary livestock sale be used to purchase replacement livestock within 5 years of the involuntary conversion.
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Requires the taxpayer to be located in a county where the Governor has declared a state of disaster emergency resulting from a natural disaster.
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Adopts Title 26 U.S.C. § 1033 (as in effect January 1, 2009) for computing Arkansas income tax liability related to involuntary conversions.
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Effective for tax years beginning on or after January 1, 2022.
Legislative Description
To Exclude Certain Involuntary Sales Of Livestock From Gross Income Under The Income Tax Act Of 1929.
Last Action
Died in House Committee at Sine Die Adjournment
5/1/2023