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AR HB1240
Bill
Status
5/1/2023
Primary Sponsor
Robin Lundstrum
Click for details
AI Summary
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Exempts nongrantor trusts administered by Arkansas resident trustees from Arkansas income tax under a new provision in Arkansas Code 26-51-317
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Applies exemption only to trusts that do not qualify as grantor trusts under federal law (26 U.S.C. § 671 et seq.) as of January 1, 2023
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Intended to increase Arkansas competitiveness in financial services by attracting out-of-state trust assets and discouraging Arkansas residents from establishing trusts in other states
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Effective for tax years beginning on or after January 1, 2023
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 in House Committee at Sine Die Adjournment
5/1/2023