Title: Capital Gains Reduction Act
Vote to pass a bill that eliminates the capital gains tax on the sale of property in Arkansas.
-Specifies that if the taxpayer sells an Arkansas property, 100 percent of the net capital gain is exempt from income taxes if the net capital gain was obtained by the taxpayer after July 1, 2011 and was owned directly or indirectly by the taxpayer for more than 1 uninterrupted year before its sale (Sec. 2). -This act is effective for tax years beginning on or after January 1, 2012 (Sec. 3).
Title: Capital Gains Reduction Act