Arkansas 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

What the bill says

An act to be entitled 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. subtitle 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.

From the introduced text:

An Act To Be Entitled 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. Subtitle 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. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: SECTION 1. Arkansas Code § 26-51-404(b), concerning exclusions from gross income under the Income Tax Act of 1929, is amended to add an additional subdivision to read as follows: (36) A gain by a taxpayer resulting from the acquisition of real *JLL173* 03-12-2025 10:16:19 JLL173 As Engrossed: S3/12/25 SB204 property by an entity with the power of eminent domain under the right of eminent domain or threat of condemnation under Title 18, Chapter 15 or § 2767-301 et seq. SECTION 2. EFFECTIVE DATE. Section 1 of this act is effective for tax years beginning on or after January 1, 2025. /s/C. Penzo 03-12-2025 10:16:19 JLL173

Read the full official text

Sponsors

• Clint Penzo (R, 31) · primary sponsor
• Jeremy Wooldridge (R, 1)
• Brian Evans (R, 68)
• Jeremiah Moore (R, 61)
• David Ray (R, 69)
• Ryan Rose (R, 48)
• Brandon Achor (R, 71)
• Fred Allen (D, 77)
• Wade Andrews (R, 98)
• Glenn Barnes (D, 65)
• Lincoln Barnett (D, 63)
• Beaty Jr., Howard (R, 95)

Latest actions

1. May 5, 2025: Died in Senate Committee at Sine Die adjournment.
2. March 12, 2025: Re-referred to REVENUE & TAX - SENATE
3. March 12, 2025: REPORTED CORRECTLY ENGROSSED
4. March 12, 2025: Amendment # 1 read the first time, rules suspended, read the second time and adopted, ordered engrossed.
5. March 12, 2025: Withdrawn from Committee and placed on 2nd reading for purpose of amendment # 1
6. February 6, 2025: Read first time, rules suspended, read second time, referred to REVENUE & TAX - SENATE
7. February 6, 2025: Filed

Common questions

What is SB204?

SB204 is a bill in the Arkansas Legislature (95th General Assembly (2025 Regular)): 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.

What does SB204 do?

In its own words: An act to be entitled 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. subtitle 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.

What is the status of SB204?

Failed as of May 5, 2025. Latest action: Died in Senate Committee at Sine Die adjournment. (May 5, 2025).

Who sponsored SB204?

Clint Penzo (R, 31), with 11 co-sponsors.

Where is the official record for SB204?

On the Arkansas Legislature website: https://www.arkleg.state.ar.us/Bills/Detail?ddBienniumSession=2025%2F2025R&measureno=SB204