Browse Arkansas Code titles and sections
26-50-101. Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-50-101. Definitions.
(a) As used in §§ 26-26-1501 — 26-26-1504, 26-51-303, 26-51-407, 26-51-408, 26-52-305, and 26-53-110, unless the context otherwise requires:
(1) “Business corporation” means a corporation incorporated under the Arkansas Business Corporation Act, § 4-26-101 et seq.;
(2) “Financial institution” means a state bank or national bank, a savings and loan association, or a building and loan association as defined in this section;
(3) “National bank” means a bank chartered under the banking laws of the United States;
(4) “Savings and loan association” or “building and loan association” means any financial institution or association established and operating under the authority of § 23-37-101 et seq., § 23-37-706, or under any other appropriate state or federal law; and
(5) “State bank” means a bank, trust company, or savings bank chartered under the banking laws of this state.
(b)(1) It is the purpose of §§ 26-26-1501 — 26-26-1504, 26-51-303, 26-51-407, 26-51-408, 26-52-305, and 26-53-110 to clarify the law relating to the taxation of state and national banks and savings and loan and building and loan associations chartered under state and federal law and to simplify and to broaden the tax base applicable to such financial institutions.
(2) It is the intent of §§ 26-26-1501 — 26-26-1504, 26-51-303, 26-51-407, 26-51-408, 26-52-305, and 26-53-110 to repeal the capital stock tax and, in lieu thereof, to tax state and national banks, savings and loan associations, and building and loan associations, under the existing tax laws generally applicable to business corporations.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-50-101
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:26-50-101
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d2d4201cb66867458e24a19d1f0e143858b9441aa1fcd9ade35040346b977959
Source location: content.xml paragraph 10988
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26-50-101. Definitions.
(a) As used in §§ 26-26-1501 — 26-26-1504, 26-51-303, 26-51-407, 26-51-408, 26-52-305, and 26-53-110, unless the context otherwise requires:
(1) “Business corporation” means a corporation incorporated under the Arkansas Business Corporation Act, § 4-26-101 et seq.;
(2) “Financial institution” means a state bank or national bank, a savings and loan association, or a building and loan association as defined in this section;
(3) “National bank” means a bank chartered under the banking laws of the United States;
(4) “Savings and loan association” or “building and loan association” means any financial institution or association established and operating under the authority of § 23-37-101 et seq., § 23-37-706, or under any other appropriate state or federal law; and
(5) “State bank” means a bank, trust company, or savings bank chartered under the banking laws of this state.
(b)(1) It is the purpose of §§ 26-26-1501 — 26-26-1504, 26-51-303, 26-51-407, 26-51-408, 26-52-305, and 26-53-110 to clarify the law relating to the taxation of state and national banks and savings and loan and building and loan associations chartered under state and federal law and to simplify and to broaden the tax base applicable to such financial institutions.
(2) It is the intent of §§ 26-26-1501 — 26-26-1504, 26-51-303, 26-51-407, 26-51-408, 26-52-305, and 26-53-110 to repeal the capital stock tax and, in lieu thereof, to tax state and national banks, savings and loan associations, and building and loan associations, under the existing tax laws generally applicable to business corporations.
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Arkansas Code — all titles (historical 2020) · legal_authorities
26-26-1501. Purpose and intent.
(a) It is the purpose of this subchapter to clarify the law relating to the taxation of state and national banks, savings and loan associations, and building and loan associations chartered under state and federal law and to simplify and to broaden the tax base applicable to these financial institutions.
(b) It is the intent of this subchapter to repeal the capital stock tax and, in lieu thereof, to tax state and national banks, savings and loan associations, and building and loan associations under existing tax laws generally applicable to business corporations.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-26-1501
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 26-26-1501. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-26-1504. Real property.
(a) Financial institutions shall be subject to the ad valorem real property tax levied pursuant to the authority granted in the laws of this state, to the same extent as other owners of real property in this state.
(b) The assessment of taxes upon the real property of national banking associations and state banks and trust companies shall be had and done in the manner provided by law for the assessment of all other real property by whomsoever owned.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-26-1504
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 26-26-1504. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-303. Exempt organizations.
(a) The following organizations shall be exempt from taxation under the Income Tax Act of 1929, § 26-51-101 et seq.:
(1) Fraternal benefit societies, orders, or associations:
(A) Operating under the lodge system or for the exclusive benefit of the members of a fraternity itself operating under the lodge system; and
(B) Providing for the payment of life, sickness, accident, or other benefits to the members of such society, order, or association or their dependents;
(2) Domestic life and disability insurance companies and foreign insurance companies;
(3) Cemetery corporations;
(4) Business leagues, chambers of commerce, or boards of trade not organized for profit and no part of the net earnings of which inures to the benefit of any private stockholders or individuals;
(5) Civic leagues or organizations not organized for profit but operated exclusively for the promotion of social welfare;
(6) Farmers' or other mutual hail, cyclone, or fire insurance companies, or other domestic insurance companies writing lines of insurance other than those specified in subdivisions (a)(1) and (2) of this section, mutual ditch or irrigation companies, mutual or cooperative telephone companies, or like organizations of a purely local character, but only if eighty-five percent (85%) or more of the income of the organization consists solely of assessments, dues, and fees collected from members for the sole purpose of meeting losses and expenses;
(7) Farmers', fruit growers', or like organizations organized and operated as sales agent for the purpose of marketing the products of members and turning back to them the proceeds of sales, less the necessary selling expenses, on the basis of the quantity of produce furnished by them;
(8) Labor,
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-303
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 26-51-303. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-407. Financial institutions.
(a) A financial institution having its principal office in this state shall be taxed as a business corporation organized and existing under the laws of this state.
(b)(1) A financial institution having its principal office outside this state but doing business in this state shall be taxed as a foreign business corporation doing business in this state.
(2) However, this subsection is not intended to recognize the right of a foreign financial institution to conduct any business activities in this state except to the extent and under the conditions permitted by Acts 1953, No. 559, §§ 1-8 [unconstitutional] and any other applicable laws of this state.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-407
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 26-51-407. This identifies an authority to review, not proof of applicability.