Arkansas SB283: TO AMEND THE LAW CONCERNING UNCLAIMED PROPERTY; AND TO PROVIDE THAT CERTAIN NONPROFIT ORGANIZATIONS ARE EXEMPT FROM THE LAW CONCERNING UNCLAIMED PROPERTY

What the bill says

An act to be entitled an act to amend the law concerning unclaimed property; to provide that certain nonprofit organizations are exempt from the law concerning unclaimed property; and for other purposes. subtitle to amend the law concerning unclaimed property; and to provide that certain nonprofit organizations are exempt from the law concerning unclaimed property.

From the introduced text:

An Act To Be Entitled AN ACT TO AMEND THE LAW CONCERNING UNCLAIMED PROPERTY; TO PROVIDE THAT CERTAIN NONPROFIT ORGANIZATIONS ARE EXEMPT FROM THE LAW CONCERNING UNCLAIMED PROPERTY; AND FOR OTHER PURPOSES. Subtitle TO AMEND THE LAW CONCERNING UNCLAIMED PROPERTY; AND TO PROVIDE THAT CERTAIN NONPROFIT ORGANIZATIONS ARE EXEMPT FROM THE LAW CONCERNING UNCLAIMED PROPERTY. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: SECTION 1. Arkansas Code Title 18, Chapter 28, Subchapter 2, is amended to add an additional section to read as follows: 18-28-232. Applicability -- Definition. (a) As used in this section, "nonprofit organization" means: (1) A corporation governed by Arkansas Code Title 4, Chapter or Title 4, Chapter 33 to extent that it is applicable to nonprofit corporations; or (2) An organization exempt from federal taxation as a nonprofit entity under § 501(a) of the Internal Revenue Code, 26 U.S.C. § 501(a) or as an exempt organization under §§ 501(c)(3), 501(c)(4), 501(c)(6), 501(c)(12), or 501(c)(19) of the Internal Revenue Code, 26 U.S.C. § 501(c)(3), 26 U.S.C. § 501(c)(4), 26 U.S.C. § 501(c)(6), 26 U.S.C. § 501(c)(12), or 26 U.S.C. § 501(c)(19), as they existed on January 1, 2025. (b)(1) A nonprofit organization that has an annual revenue of less *ANS201* 03-13-2025 14:03:53 ANS201 As Engrossed: S3/13/25 SB283 than five million dollars ($5,000,000) shall …

Read the full official text

Sponsors

• Kim Hammer (R, 16) · primary sponsor
• Beaty Jr., Howard (R, 95)
• Mary Bentley (R, 54)
• Keith Brooks (R, 78)
• Paul Childress (R, 83)
• Tony Furman (R, 82)
• RJ Hawk (R, 81)
• Alan Clark (R, 7)
• Jane English (R, 13)
• Ben Gilmore (R, 1)
• Mark Johnson (R, 17)
• Matt McKee (R, 6)

Latest actions

1. May 5, 2025: Sine Die adjournment
2. April 9, 2025: Withdrawn by author.
3. March 13, 2025: REPORTED CORRECTLY ENGROSSED
4. March 13, 2025: Amendment # 1 read the first time, rules suspended, read the second time and adopted, ordered engrossed.
5. March 13, 2025: Placed on second reading for purpose of amendment.
6. March 12, 2025: Returned by the Committee with the recommendation that it Do Pass as amended, Amendment # 1
7. February 24, 2025: Read first time, rules suspended, read second time, referred to STATE AGENCIES & GOVT'L AFFAIRS-SENATE
8. February 24, 2025: Filed

Common questions

What is SB283?

SB283 is a bill in the Arkansas Legislature (95th General Assembly (2025 Regular)): TO AMEND THE LAW CONCERNING UNCLAIMED PROPERTY; AND TO PROVIDE THAT CERTAIN NONPROFIT ORGANIZATIONS ARE EXEMPT FROM THE LAW CONCERNING UNCLAIMED PROPERTY.

What does SB283 do?

In its own words: An act to be entitled an act to amend the law concerning unclaimed property; to provide that certain nonprofit organizations are exempt from the law concerning unclaimed property; and for other purposes. subtitle to amend the law concerning unclaimed property; and to provide that certain nonprofit organizations are exempt from the law concerning unclaimed property.

What is the status of SB283?

Failed as of May 5, 2025. Latest action: Sine Die adjournment (May 5, 2025).

Who sponsored SB283?

Kim Hammer (R, 16), with 11 co-sponsors.

Where is the official record for SB283?

On the Arkansas Legislature website: https://www.arkleg.state.ar.us/Bills/Detail?ddBienniumSession=2025%2F2025R&measureno=SB283