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AR SR4
Resolution
Status
4/8/2020
Primary Sponsor
Linda Chesterfield
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AI Summary
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Authorizes Representative Love to introduce a bill delaying implementation of previously scheduled income tax cuts until January 1, 2022, due to COVID-19 revenue shortfalls.
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Maintains current income tax brackets and rates for tax years 2019-2021, pushing rate reductions from 2020 onwards to 2022 and beyond.
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Addresses state revenue crisis caused by Governor Hutchinson's reduction of the 2020 fiscal year forecast by $353,000,000 and 2021 forecast by $205,900,000.
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Declares an emergency to take immediate effect upon gubernatorial approval to help maintain essential state services and a balanced budget during the pandemic.
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Modifies Arkansas Code § 26-51-201(a)(7)-(10) with new tax brackets effective January 1, 2022, including adjusted income thresholds and bracket adjustment amounts for higher earners.
Legislative Description
To Authorize The Introduction Of A Nonappropriation Bill To Amend The Income Tax Imposed On Individuals, Trusts, And Estates.
Last Action
Failed of adoption.
4/8/2020