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AR HB1227
Bill
Status
5/1/2017
Primary Sponsor
Joe Farrer
Click for details
AI Summary
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Amends Arkansas Code § 26-51-201(d) to adjust individual income tax rate brackets annually for cost-of-living increases based on the Consumer Price Index, capped at three percent (3%) per year
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Reduces individual income tax rates by one-eighth (1/8) of one (1) percentage point if total income tax revenues exceed by at least three percent (3%) the most recent fiscal year in which revenues increased, effective January 1 of the following year
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Amends Arkansas Code § 26-51-205 to apply the same revenue-based tax rate reduction mechanism to corporate income tax rates in subsections (a) and (b), effective January 1 of the following year
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Directs the Director of the Department of Finance and Administration to prescribe adjusted annual tax tables for both individual and corporate income taxes based on these cost-of-living and revenue growth adjustments
Legislative Description
To Reduce Income Tax Rates In Certain Circumstances; And To Reduce Income Tax Rates Based On The Growth Of Income Tax Collections.
Last Action
Died in House Committee at Sine Die Adjournment
5/1/2017