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AR HR1006
Resolution
Status
3/19/2014
Primary Sponsor
Bruce Westerman
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AI Summary
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Authorizes Representative Westerman to introduce a bill creating an income tax credit for Arkansas employers who make payments to comply with federal employer health coverage requirements under 26 U.S.C. § 4980H.
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Allows employers to claim a credit against Arkansas income tax for the total amount of payments made to comply with federal shared responsibility for health coverage obligations as they existed on January 1, 2014.
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Permits refunds to taxpayers if the income tax credit exceeds their total income tax liability.
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Grants the Director of the Department of Finance and Administration authority to promulgate rules implementing the credit.
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Effective date for tax years beginning on and after January 1, 2015.
Legislative Description
To Authorize The Introduction Of A Nonappropriation Bill Concerning The Creation Of A Tax Credit For Employers That Make Payments To Comply With Federal Law Concerning Employers' Shared Responsibility For Health Coverage.
Last Action
Died in House Committee at Sine Die adjournment.
3/19/2014