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Bill > SB204

AR SB204

AR SB204
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.

summary

Introduced
02/06/2025
In Committee
03/12/2025
Crossed Over
Passed
Dead
05/05/2025

Introduced Session

Potential new amendment
95th General Assembly (2025 Regular)

Bill Summary

AN ACT TO AMEND THE STATE INCOME TAX LAWS; 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; AND FOR OTHER PURPOSES.

AI Summary

This bill amends Arkansas state income tax law to create a new tax exclusion for property owners who are required to sell their real property through eminent domain or under the threat of condemnation. Specifically, the bill adds a provision to Arkansas Code § 26-51-404(b) that will exempt from gross income any financial gain a taxpayer receives when their property is acquired by an entity with eminent domain power, such as a government agency or utility company. Eminent domain is a legal process that allows government entities to acquire private property for public use, typically with compensation to the property owner. The bill specifies that this tax exemption will apply to property acquisitions under Title 18, Chapter 15 or § 27-67-301 et seq. of Arkansas law, and the new tax provision will take effect for tax years beginning on or after January 1, 2025. The primary intent of this bill appears to be providing financial relief to property owners who are compelled to sell their property through governmental action by ensuring they do not have to pay income tax on the proceeds of such a sale.

Committee Categories

Budget and Finance

Sponsors (106)

Jeremiah Moore (R)*,  Clint Penzo (R)*,  Jeremy Wooldridge (R)*,  Brandon Achor (R),  Fred Allen (D),  Wade Andrews (R),  Glenn Barnes (D),  Lincoln Barnett (D),  Howard Beaty (R),  Mary Bentley (R),  Stan Berry (R),  Justin Boyd (R),  Harlan Breaux (R),  Keith Brooks (R),  Alyssa Brown (R),  Karilyn Brown (R),  Matt Brown (R),  Josh Bryant (R),  Ron Caldwell (R),  Joey Carr (R),  John Carr (R),  Fran Cavenaugh (R),  Paul Childress (R),  Alan Clark (R),  Nicole Clowney (D),  Cameron Cooper (R),  Bruce Cozart (R),  Cindy Crawford (R),  Steve Crowell (R),  Breanne Davis (R),  Tyler Dees (R),  Jim Dotson (R),  Matt Duffield (R),  Hope Duke (R),  James Eaton (R),  Les Eaves (R),  Denise Ennett (D),  Brian Evans (R),  Ken Ferguson (D),  Scott Flippo (R),  Tony Furman (R),  Denise Garner (D),  Jimmy Gazaway (R),  Ben Gilmore (R),  Diana Gonzales Worthen (D),  Zack Gramlich (R),  Brad Hall (R),  Kim Hammer (R),  R.J. Hawk (R),  Bart Hester (R),  Ricky Hill (R),  Mike Holcomb (R),  Steve Hollowell (R),  Ashley Hudson (D),  Lane Jean (R),  Blake Johnson (R),  Lee Johnson (R),  Mark Johnson (R),  Bryan King (R),  Jack Ladyman (R),  Wayne Long (R),  Robin Lundstrum (R),  Roger Lynch (R),  John Maddox (R),  Steve Magie (D),  Julie Mayberry (R),  Mindy McAlindon (R),  Austin McCollum (R),  Mark McElroy (R),  Richard McGrew (R),  Jessie McGruder (D),  Matt McKee (R),  Ron McNair (R),  Stephen Meeks (R),  Jon Milligan (R),  Reginald Murdock (D),  Jason Nazarenko (R),  Stetson Painter (R),  John Payton (R),  Shad Pearce (R),  Mark Perry (D),  Jim Petty (R),  Aaron Pilkington (R),  Chad Puryear (R),  David Ray (R),  Jay Richardson (D),  Scott Richardson (R),  Marcus Richmond (R),  Ryan Rose (R),  Johnny Rye (R),  Jamie Scott (D),  Tracy Steele (D),  Trey Steimel (R),  Matt Stone (R),  Gary Stubblefield (R),  Dan Sullivan (R),  Randy Torres (R),  Dwight Tosh (R),  Kendon Underwood (R),  Steve Unger (R),  DeAnn Vaught (R),  Steven Walker (R),  Dave Wallace (R),  Les Warren (R),  Carlton Wing (R),  Richard Womack (R), 

Last Action

Died in Senate Committee at Sine Die adjournment. (on 05/05/2025)

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