Browse Arkansas Code titles and sections
26-51-446. Long-term intergenerational security.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-446. Long-term intergenerational security.
(a)(1) All distributions of funds other than principal from the long-term intergenerational trust shall be taxable as provided in the Income Tax Act of 1929, § 26-51-101 et seq.
(2) All distributions from the long-term intergenerational trust shall be deemed principal until all contributions of principal have been withdrawn.
(b)(1) In addition to any income tax imposed for distributions from the long-term intergenerational trust as provided in subsection (a) of this section, there is hereby imposed a twenty percent (20%) penalty on all distributions from the long-term intergenerational trust in violation of this section or the Long-Term Intergenerational Security Act of 1995, § 28-72-501 et seq.
(2) The penalty shall be collected by the Department of Finance and Administration and shall be deposited into the State Treasury as general revenue.
(c) A beneficiary must file a copy of the long-term intergenerational security trust agreement with his or her income tax return for each taxable year the beneficiary claims the tax benefits provided in this section and the Long-Term Intergenerational Security Act of 1995, § 28-72-501 et seq.
(d) Upon the death of the beneficiary, all funds remaining in the long-term intergenerational security trust shall be distributed to the beneficiary's estate, and all undistributed income shall be included in the beneficiary's final tax return.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-446
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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Record provenance
Stable record: arkansas_code:legal_authorities:26-51-446
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 34be189788242ab592f41b05e5fcd1e95be809ee848f44932aa9a7bf278ef4aa
Source location: content.xml paragraph 13082
Stored source content
26-51-446. Long-term intergenerational security.
(a)(1) All distributions of funds other than principal from the long-term intergenerational trust shall be taxable as provided in the Income Tax Act of 1929, § 26-51-101 et seq.
(2) All distributions from the long-term intergenerational trust shall be deemed principal until all contributions of principal have been withdrawn.
(b)(1) In addition to any income tax imposed for distributions from the long-term intergenerational trust as provided in subsection (a) of this section, there is hereby imposed a twenty percent (20%) penalty on all distributions from the long-term intergenerational trust in violation of this section or the Long-Term Intergenerational Security Act of 1995, § 28-72-501 et seq.
(2) The penalty shall be collected by the Department of Finance and Administration and shall be deposited into the State Treasury as general revenue.
(c) A beneficiary must file a copy of the long-term intergenerational security trust agreement with his or her income tax return for each taxable year the beneficiary claims the tax benefits provided in this section and the Long-Term Intergenerational Security Act of 1995, § 28-72-501 et seq.
(d) Upon the death of the beneficiary, all funds remaining in the long-term intergenerational security trust shall be distributed to the beneficiary's estate, and all undistributed income shall be included in the beneficiary's final tax return.
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Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-101. Title.
This act shall be known and may be cited as the “Income Tax Act of 1929”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-101
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. The source passage cites 26-51-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-72-501. Short title.
This subchapter shall be known as the “Long-Term Intergenerational Security Act of 1995”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-72-501
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 28-72-501. This identifies an authority to review, not proof of applicability.