AR HB1966

Increases the standard deduction for individual taxpayers from $2,000 to $2,200 effective for tax years beginning January 1, 2015.

Increases the standard deduction for each spouse in a married couple from $2,000 to $2,200 effective for tax years beginning January 1, 2015.

Raises the capital gains exemption from 30% to 50% of net capital gains for tax years beginning January 1, 2015.

Exempts capital gains in excess of $10,000,000 from a gain realized on or after January 1, 2014 from state income tax.

Takes effect for tax years beginning on and after January 1, 2014.