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AR SB120
Bill
Status
5/1/2017
Primary Sponsor
Jane English
Click for details
AI Summary
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Creates an income tax exemption for military retirement and survivor benefits received by members of the uniformed services, while maintaining the existing $6,000 exemption for other retirement benefits.
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Adds unemployment compensation benefits to Arkansas taxable income, including federal unemployment funds and Title IV Social Security Act unemployment insurance benefits.
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Extends the state's gross receipts and compensating taxes to include candy, soft drinks, specified digital products (music, video, books), and digital codes.
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Reduces the Arkansas soft drink tax rate from $2.00 to $1.26 per gallon for syrup and from 21¢ to 20.6¢ per gallon for bottled soft drinks, effective January 1, 2018.
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Supplements the Arkansas Medicaid Program Trust Fund with $2,954,500 for fiscal year 2017 and $5,909,000 annually beginning in fiscal year 2018 to offset decreased soft drink tax revenues.
Legislative Description
To Amend Arkansas Tax Law Concerning Income Tax, Sales And Use Taxes, And The Soft Drink Tax; And To Supplement The Arkansas Medicaid Program Trust Fund To Offset Decreased Deposits From Tax Revenues.
Last Action
Sine Die adjournment
5/1/2017