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AR HB1007
Bill
Status
Passed
3/30/2015
Primary Sponsor
Kelley Linck
Click for details
AI Summary
- Amends Arkansas Code § 26-51-201 to add a new subsection that triggers income tax rate reductions when federal law permits Arkansas to collect sales and use tax from out-of-state sellers
- Director of revenue must certify to the Governor and Office of Economic and Tax Policy the available net general revenues from out-of-state seller collections after the first 12 months of collections
- Any revenue exceeding $70,000,000 from out-of-state seller collections shall be used to reduce the 4.5% income tax rate equally for all taxpayers subject to that rate
- Reduced income tax rate must be certified and incorporated into the tax rate table for application in each subsequent tax year
- Effective for tax years beginning on and after January 1, 2015
Legislative Description
To Offset The Revenues Generated By Sales Tax Collected From Out-of-state Sellers By Reducing The Income Tax Rates Applicable To Individuals, Trusts, And Estates.
Last Action
Notification that HB1007 is now Act 709
3/30/2015
Committee Referrals
Revenue & Taxation3/2/2015
Revenue and Taxation1/12/2015
Full Bill Text
No bill text available