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AR SB283

Bill

Official Source

Status

Introduced

2/24/2025

Primary Sponsor

Kim Hammer

Click for details

Origin

Senate

95th General Assembly (2025 Regular)

AI Summary

  • Nonprofit organizations with annual revenue under $5 million are exempt from Arkansas unclaimed property laws
  • Qualifying nonprofits include corporations governed by Arkansas Code Title 4, Chapters 28 or 33 (nonprofit corporation statutes)
  • Federal tax-exempt organizations under IRC § 501(a) and § 501(c)(3), (c)(4), (c)(6), (c)(12), or (c)(19) also qualify for the exemption
  • Tax-exempt status is based on Internal Revenue Code provisions as they existed on January 1, 2025

Legislative Description

To Amend The Law Concerning Unclaimed Property; And To Provide That Certain Nonprofit Organizations Are Exempt From The Law Concerning Unclaimed Property.

Last Action

Sine Die adjournment

5/5/2025

Committee Referrals

State Agencies & Governmental Affairs2/24/2025

Full Bill Text

No bill text available