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AR SB204
Bill
Status
Failed
5/5/2025
Primary Sponsor
Clint Penzo
Click for details
AI Summary
- Excludes from Arkansas state income tax any gain a taxpayer receives when their real property is acquired through eminent domain or threat of condemnation
- Applies to property taken by any entity with eminent domain power under Title 18, Chapter 15 or § 27-67-301 et seq. of Arkansas Code
- Amends Arkansas Code § 26-51-404(b) by adding subdivision (36) to the list of gross income exclusions
- Effective for tax years beginning on or after January 1, 2025
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
Died in Senate Committee at Sine Die adjournment.
5/5/2025
Committee Referrals
Revenue & Taxation2/6/2025
Full Bill Text
No bill text available