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AR HB1427
Bill
Status
3/20/2015
Primary Sponsor
Logan Jett
Click for details
AI Summary
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Updates Arkansas Tax-Deferred Tuition Savings Program (Section 529) references from January 1, 2011 to January 1, 2015 throughout the state code to align with current federal Internal Revenue Code provisions
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Updates federal tax code adoption dates from January 2, 2013 to January 1, 2015 for provisions governing income from discharge of indebtedness, fringe benefits, Subchapter S corporations, deferred compensation, interest deductions, charitable contributions, depreciation, and regulated investment companies
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Changes property depreciation and expensing provisions effective date from January 1, 2012 to January 1, 2014 for tax purposes
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Makes technical corrections to align Arkansas income tax laws with recent federal tax code changes while maintaining Arkansas-specific capital gains treatment and tax rates where applicable
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Effective for tax years beginning on or after January 1, 2014
Legislative Description
To Adopt Recent Changes To The Internal Revenue Code; To Amend The Arkansas Tax-deferred Tuition Savings Program; And To Make Technical Corrections To The Income Tax Laws.
Last Action
Notification that HB1427 is now Act 580
3/20/2015