AR HB1344

Establishes the "Working Families Opportunity Credit" as a state income tax credit based on the federal Earned Income Tax Credit under 26 U.S.C. § 32 as it existed on January 1, 2015.

Phases in the credit over three tax years: 1.25% of the federal credit for tax year 2016, 2.5% for tax year 2017, and 5% for tax years beginning January 1, 2018 and thereafter.

Allows excess credits that exceed a taxpayer's income tax liability to be refunded to the taxpayer.

Requires the Department of Finance and Administration to annually notify taxpayers of their potential eligibility for the income tax credit.