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AR HB1585
Bill
Status
Passed
4/22/2013
Primary Sponsor
Charles Collins
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AI Summary
- Amends Arkansas income tax rates and brackets for individuals, trusts, and estates effective for tax years beginning January 1, 2012 and thereafter
- Increases the first bracket threshold from $2,999 to $4,099 for 2012, with a reduced rate of 0.9% effective January 1, 2014
- Adjusts subsequent tax brackets and rates incrementally through 2015, with specific changes to bracket thresholds and corresponding tax rates (ranging from 2.4% to 6.9%)
- Modifies the top tax bracket threshold from $25,000 to $34,000 with rates reduced from 7% to 6.9% effective January 1, 2015
- Changes cost-of-living adjustment methodology to require annual table updates by the Director of the Department of Finance and Administration using the current year's Consumer Price Index compared to the preceding year, capped at 3% increase
Legislative Description
To Amend The Income Tax Rates And Brackets; And To Adjust The Minimum And Maximum Dollar Amounts In Certain Income Tax Brackets.
Last Action
Notification that HB1585 is now Act 1459
4/22/2013
Committee Referrals
Revenue and Taxation4/18/2013
Revenue & Taxation4/16/2013
Revenue and Taxation3/1/2013
Full Bill Text
No bill text available