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AR SB6
Bill
Status
2/9/2015
Primary Sponsor
Jonathan Dismang
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AI Summary
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Changes the effective date for income tax rate amendments from January 1, 2012 to January 1, 2014, and implements progressive rate reductions across multiple income brackets for individuals, trusts, and estates through 2015 and 2016
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Establishes new tax rate tables beginning January 1, 2015 for taxpayers with less than $21,000 net income, with rates ranging from 0.9% to 4.4%, and separate tables for higher income brackets up to $75,000 and above effective January 1, 2016
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Increases the capital gains exclusion from 30% to 50% for tax years beginning January 1, 2015 through January 31, 2015, then reduces it to 40% beginning February 1, 2015
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Creates an exemption for net capital gains in excess of $10,000,000 from gains realized on or after January 1, 2014 from state income tax
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Declares an emergency clause, stating that Arkansas income tax rates are too high compared to surrounding states and that the act is necessary to improve regional competitiveness and provide tax relief to middle class taxpayers
Legislative Description
To Create The Middle Class Tax Relief Act Of 2015; To Amend The Income Tax Rates And Brackets For Individuals, Trusts, And Estates; To Amend The Income Tax On Capital Gains; And To Declare An Emergency.
Last Action
Notification that SB6 is now Act 22
2/9/2015