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AR SB80
Bill
Status
Failed
5/1/2023
Primary Sponsor
Clint Penzo
Click for details
AI Summary
- Amends Arkansas Code § 26-51-404(b) to add a new exclusion from gross income under the Income Tax Act of 1929
- Exempts taxpayers from state income tax on gains resulting from the acquisition of real property through eminent domain or threat of condemnation
- Applies to property acquisitions by entities with eminent domain power under Title 18, Chapter 15 or § 27-67-301 et seq.
- Effective for tax years beginning on or after January 1, 2023
Legislative Description
To Exempt From Gross Income A Gain By A Taxpayer Resulting From The Acquisition Of Property Under The Right Of Eminent Domain Or The Threat Of Condemnation.
Last Action
Sine Die adjournment
5/1/2023
Committee Referrals
Revenue & Taxation1/19/2023
Full Bill Text
No bill text available