Income derived from investments made by nonprofit organizations, whether or not the organization is organized or exists under the laws of this state, shall be exempt from state income tax where the income is for the sole purpose of providing pension and annuity benefits to members of the nonprofit organizations.
Ark. Code Ann. § 26-51-304
Income from investments made by nonprofit organizations
Applied in 1 court decision — leading case Arkansas Department of Economic Development v. William J. Clinton Presidential Foundation (2005)
Most recently applied in Arkansas Department of Economic Development v. William J. Clinton Presidential Foundation (October 2005)
Acts 1965, No. 149, § 1; A.S.A. 1947, § 84-2006.1.
Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.