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AR SB801
Bill
Status
Failed
4/27/2011
Primary Sponsor
Jonathan Dismang
Click for details
AI Summary
- Increases the first income tax bracket from $2,999 to $3,899 at 1% tax rate
- Expands the second income tax bracket from $3,000 to $7,900 at 2.5% tax rate
- Eliminates the third income tax bracket (3.5% rate on $3,000 of income)
- Adjusts the fourth bracket from $6,000 to $7,800 at 4.5% tax rate
- Adjusts the fifth bracket from $10,000 to $13,100 at 6% tax rate
- Adjusts the top bracket threshold from $25,000 to $32,700 at 7% tax rate
- Effective for tax years beginning on or after January 1, 2011
Legislative Description
To Amend The Income Tax Rates And Brackets For Individuals, Trusts, And Estates And To Eliminate The Three 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