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AR SB798

Bill

Official Source

Status

Failed

4/27/2011

Primary Sponsor

Jonathan Dismang

Click for details

Origin

Senate

88th General Assembly (2011 Regular)

AI Summary

  • Eliminates the 4.5% income tax bracket for individuals, trusts, and estates in Arkansas Code § 26-51-201(a)

  • Increases the first tax bracket from $2,999 to $3,899 at 1% rate

  • Increases the second bracket from $3,000 to $3,900 at 2.5% rate

  • Expands the third bracket from $3,000 to $11,800 at 3.5% rate, absorbing the eliminated 4.5% bracket

  • Adjusts upper income thresholds: 6% bracket now applies to $13,100 of income and 7% bracket applies to $32,700 and above

  • Effective for tax years beginning January 1, 2011

Legislative Description

To Amend The Income Tax Rates And Brackets For Individuals, Trusts, And Estates And To Eliminate The Four And One-half Percent Income Tax Bracket.

Last Action

Senate Sine Die adjournment

4/27/2011

Committee Referrals

Revenue & Taxation3/7/2011

Full Bill Text

No bill text available