| 1 | 1 | | Stricken language would be deleted from and underlined language would be added to present law. |
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| 2 | 2 | | *ANS201* 02/24/2025 4:07:55 PM ANS201 |
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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 283 3 |
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| 6 | 6 | | 4 |
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| 7 | 7 | | By: Senators K. Hammer, A. Clark, J. English, Gilmore, M. Johnson, M. McKee, Stone 5 |
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| 8 | 8 | | By: Representatives Beaty Jr., Bentley, Brooks, Childress, Furman, Hawk 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 LAW CONCERNING UNCLAIMED 9 |
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| 12 | 12 | | PROPERTY; TO PROVIDE THAT CERTAIN NONPROFIT 10 |
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| 13 | 13 | | ORGANIZATIONS ARE EXEMPT FROM THE LAW CONCERNING 11 |
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| 14 | 14 | | UNCLAIMED PROPERTY; AND FOR OTHER PURPOSES. 12 |
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| 15 | 15 | | 13 |
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| 17 | 17 | | Subtitle 15 |
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| 18 | 18 | | TO AMEND THE LAW CONCERNING UNCLAIMED 16 |
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| 19 | 19 | | PROPERTY; AND TO PROVIDE THAT CERTAIN 17 |
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| 20 | 20 | | NONPROFIT ORGANIZATIONS ARE EXEMPT FROM 18 |
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| 21 | 21 | | THE LAW CONCERNING UNCLAIMED PROPERTY. 19 |
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| 22 | 22 | | 20 |
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| 23 | 23 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: 21 |
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| 24 | 24 | | 22 |
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| 25 | 25 | | SECTION 1. Arkansas Code Title 18, Chapter 28, Subchapter 2, is 23 |
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| 26 | 26 | | amended to add an additional section to read as follows: 24 |
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| 27 | 27 | | 18-28-232. Applicability — Definition. 25 |
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| 28 | 28 | | (a) As used in this section, "nonprofit organization" means: 26 |
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| 29 | 29 | | (1) A corporation governed by Arkansas Code Title 4, Chapter 28 27 |
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| 30 | 30 | | or Title 4, Chapter 33 to extent that it is applicable to nonprofit 28 |
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| 31 | 31 | | corporations; or 29 |
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| 32 | 32 | | (2) An organization exempt from federal taxation as a nonprofit 30 |
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| 33 | 33 | | entity under § 501(a) of the Internal Revenue Code, 26 U.S.C. § 501(a) or as 31 |
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| 34 | 34 | | an exempt organization under §§ 501(c)(3), 501(c)(4), 501(c)(6), 501(c)(12), 32 |
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| 35 | 35 | | or 501(c)(19) of the Internal Revenue Code, 26 U.S.C. § 501(c)(3), 26 U.S.C. 33 |
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| 36 | 36 | | § 501(c)(4), 26 U.S.C. § 501(c)(6), 26 U.S.C. § 501(c)(12), or 26 U.S.C. § 34 |
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| 37 | 37 | | 501(c)(19), as they existed on January 1, 2025. 35 |
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| 38 | 38 | | (b) This subchapter does not apply to a nonprofit organization that 36 SB283 |
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| 39 | 39 | | |
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| 40 | 40 | | 2 02/24/2025 4:07:55 PM ANS201 |
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| 41 | 41 | | has an annual revenue of less than five million dollars ($5,000,000). 1 |
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