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AR SB233
Bill
Status
5/5/2025
Primary Sponsor
Clint Penzo
Click for details
AI Summary
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Exempts nongrantor trusts from Arkansas state income tax when administered by a trustee who is an Arkansas resident
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Nongrantor trust status is determined by federal tax code (26 U.S.C. § 671 et seq.) as it existed on January 1, 2025
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Aims to make Arkansas more competitive in attracting out-of-state trust assets for administration by Arkansas trustees
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Addresses Arkansas residents currently establishing trusts in other states to avoid trust-level taxation
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Effective for tax years beginning on or after January 1, 2025
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 Senate Committee at Sine Die adjournment.
5/5/2025