Bill > SB283

This bill amends Arkansas law to provide a specific exemption from unclaimed property regulations for certain nonprofit organizations. The bill defines a "nonprofit organization" as either a corporation governed by specific Arkansas corporate law chapters or an organization exempt from federal taxation under various Internal Revenue Code sections (specifically 501(c)(3), 501(c)(4), 501(c)(6), 501(c)(12), or 501(c)(19)), as they existed on January 1, 2025. Importantly, the exemption applies only to nonprofit organizations with annual revenues of less than $5 million. This means that smaller nonprofits will be relieved from the complex regulatory requirements of the unclaimed property law, potentially reducing administrative burdens for these organizations. The legislation aims to provide regulatory relief for smaller nonprofit entities while maintaining oversight for larger organizations with more substantial financial operations.

Government Affairs

https://arkleg.state.ar.us/Bills/Detail?id=sb283&ddBienniumSession=2025%2F2025R