AR HR1004

Authorizes Representative Love to introduce a bill amending Arkansas income tax rates for individuals, trusts, and estates in response to COVID-19 pandemic revenue shortfalls of $353 million for fiscal 2020 and $205.9 million for fiscal 2021.

Delays implementation of previously scheduled income tax cuts from 2020 to 2022, maintaining current tax brackets and rates for tax years 2019-2021 to preserve state revenue during the public health emergency.

Modifies tax brackets for 2022 and later years, adjusting income thresholds and rate structures across multiple income categories to reflect the delayed implementation schedule.

Declares an emergency clause citing the need for immediate changes to prevent financial crisis and allow the state to maintain essential services while balancing its budget.

Act becomes effective upon gubernatorial approval, expiration of veto period, or veto override by the legislature.