HB 1390 Summary

• Updates Arkansas tax law references to federal Internal Revenue Code sections to January 1, 2017 standards (previously referenced January 1, 2015 or earlier dates) across multiple code sections.

• Clarifies that child support payments are excluded from the gross income of the recipient under Arkansas Code § 26-51-404(b)(29).

• Specifies that gambling losses are deductible to the extent of gambling winnings and are not subject to the 2% limitation on miscellaneous itemized deductions under Arkansas Code § 26-51-424(a)(2)(B).

• Updates the Arkansas Tax-Deferred Tuition Savings Program (Section 529) to reference current federal code provisions effective January 1, 2017.

• Applies effective for tax years beginning on and after January 1, 2015.