AR SB831

Updates Arkansas tax code references to federal Internal Revenue Code provisions effective January 2, 2013, replacing outdated effective dates from 2003-2011 across 16 sections addressing scholarships, minister housing allowances, fringe benefits, small business corporations, and various deductions and credits

Aligns Arkansas income tax treatment of scholarships and fellowships, indebtedness discharge, fringe benefits, and employee education expenses with current federal law under specified IRC sections

Modifies depreciation provisions to apply to property purchased in tax years beginning on or after January 1, 2012, rather than 2009, and updates adoption assistance and educational account provisions to reference January 2, 2013 federal standards

Changes the household and dependent care services tax credit effective date from January 1, 1993 to January 1, 2013

Establishes different effective dates with Sections 5-8 and 10 applying retroactively to tax years beginning January 1, 2012, while Sections 1-4, 9, and 11-16 apply to tax years beginning January 1, 2013