| 1 | 1 | | Stricken language would be deleted from and underlined language would be added to present law. |
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| 2 | 2 | | *JLL173* 02/06/2025 8:04:17 AM JLL173 |
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| 3 | 3 | | State of Arkansas 1 |
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| 4 | 4 | | 95th General Assembly A Bill 2 |
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| 5 | 5 | | Regular Session, 2025 SENATE BILL 204 3 |
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| 6 | 6 | | 4 |
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| 7 | 7 | | By: Senator C. Penzo 5 |
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| 8 | 8 | | By: Representatives J. Moore, Ray, Rose 6 |
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| 9 | 9 | | 7 |
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| 10 | 10 | | For An Act To Be Entitled 8 |
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| 11 | 11 | | AN ACT TO AMEND THE STATE INCOME TAX LAWS; TO EXEMPT 9 |
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| 12 | 12 | | FROM GROSS INCOME A GAIN BY A TAXPAYER RESULTING FROM 10 |
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| 13 | 13 | | THE ACQUISITION OF PROPERTY UNDER THE RIGHT OF 11 |
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| 14 | 14 | | EMINENT DOMAIN OR THE THREAT OF CONDEMNATION; AND FOR 12 |
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| 15 | 15 | | OTHER PURPOSES. 13 |
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| 16 | 16 | | 14 |
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| 17 | 17 | | 15 |
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| 18 | 18 | | Subtitle 16 |
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| 19 | 19 | | TO EXEMPT FROM GROSS INCOME A GAIN BY A 17 |
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| 20 | 20 | | TAXPAYER RESULTING FROM THE ACQUISITION 18 |
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| 21 | 21 | | OF PROPERTY UNDER THE RIGHT OF EMINENT 19 |
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| 22 | 22 | | DOMAIN OR THE THREAT OF CONDEMNATION. 20 |
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| 23 | 23 | | 21 |
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| 24 | 24 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: 22 |
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| 25 | 25 | | 23 |
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| 26 | 26 | | SECTION 1. Arkansas Code § 26 -51-404(b), concerning exclusions from 24 |
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| 27 | 27 | | gross income under the Income Tax Act of 1929, is amended to add an 25 |
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| 28 | 28 | | additional subdivision to read as follows: 26 |
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| 29 | 29 | | (36) A gain by a taxpayer resulting from the acquisition of real 27 |
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| 30 | 30 | | property by an entity with the power of eminent domain under the right of 28 |
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| 31 | 31 | | eminent domain or threat of condemnation under Title 18, Chapter 15 or § 27 -29 |
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| 32 | 32 | | 67-301 et seq. 30 |
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| 33 | 33 | | 31 |
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| 34 | 34 | | SECTION 2. EFFECTIVE DATE. Section 1 of this act is effective for tax 32 |
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| 35 | 35 | | years beginning on or after January 1, 2025. 33 |
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| 36 | 36 | | 34 |
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| 37 | 37 | | 35 |
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| 38 | 38 | | 36 |
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