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AR HB1586
Bill
Status
Failed
5/17/2013
Primary Sponsor
Charles Collins
Click for details
AI Summary
- Increases the first income tax bracket from $2,999 to $4,099 at 1% rate for tax years beginning January 1, 2014
- Reduces the second bracket tax rate from 2.5% to 2.125% for 2014, then phases down to 1.75% (2015), 1.375% (2016), and 1% (2017)
- Reduces the highest income tax bracket rate from 7% to 6.75% for 2014, then phases down to 6.5% (2015), 6.25% (2016), and 6% (2017)
- Adjusts multiple income bracket thresholds upward (e.g., second bracket from $3,000 to $4,100; fourth bracket from $6,000 to $8,200; highest bracket from $25,000 to $34,000)
- Establishes that beginning in 2018, the 4.5% bracket net income amount increases annually by the greater of $15,000 or the cost-of-living adjustment, unless state revenues decline from the prior year
- Effective for tax years beginning January 1, 2014
Legislative Description
To Gradually Reduce The Income Tax Levied On Individuals, Trusts, And Estates; To Amend The Income Tax Rates And Brackets Over Four Years; And To Adjust The Dollar Amounts In Certain Income Tax Brackets.
Last Action
Died in House Committee at Sine Die adjournment.
5/17/2013
Committee Referrals
Revenue and Taxation3/1/2013
Full Bill Text
No bill text available