SB364 Summary

• Updates Arkansas Tax-Deferred Tuition Savings Program (Section 529) references from January 1, 2007 to January 1, 2011 throughout the tax code to align with current federal law

• Updates multiple Internal Revenue Code sections adopted by Arkansas to current effective dates (primarily January 1, 2009 and 2011) covering retirement plans, charitable contributions, medical expenses, capital gains, and other tax provisions

• Adds new provisions allowing grant payments under Section 1602 of the American Recovery and Reinvestment Act of 2009 to be excluded from gross income when made in lieu of federal low income housing tax credits

• Updates adoption expense credit to reference both Section 23 (effective January 1, 2003) and Section 36C (effective January 1, 2011) of the Internal Revenue Code

• Establishes staggered effective dates with some provisions effective for tax years beginning January 1, 2010, and remaining provisions effective for tax years beginning January 1, 2011