AR SB211

Establishes the Tax Competitiveness and Relief Act of 2019 to modernize and simplify Arkansas income tax code while reducing the tax burden on individuals, trusts, and estates.

Increases income thresholds for middle-income tax table from $21,000-$75,000 to $22,200-$79,300 and adjusts corresponding tax rates effective January 1, 2020.

Implements a new tiered tax structure for high-income earners above $79,300 starting January 1, 2020 with rates of 2%, 4%, and 5.9%, reducing to a top rate of 5.9% beginning January 1, 2021.

Modifies bracket adjustment amounts for taxpayers earning $79,301-$84,600 to provide graduated tax relief as they transition between income brackets.

Declares an emergency and mandates the bill become effective upon gubernatorial approval, stating Arkansas income tax rates are uncompetitive compared to surrounding states.