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AR HB1011

Bill

Official Source

Status

Failed

10/15/2021

Primary Sponsor

Logan Jett

Click for details

Origin

House of Representatives

93rd General Assembly (2021 Regular)

AI Summary

  • Replaces the previous complete income tax exemption for residents, individuals, trusts, and estates with net income under $22,200 with a tiered tax rate structure effective January 1, 2021
  • Establishes a graduated income tax rate table with 0% tax on income from $0-$4,499, 2% on $4,500-$8,899, 3% on $8,900-$13,399, and 3.4% on $13,400-$22,199
  • Applies the new tax structure to all Arkansas residents, individuals, trusts, and estates with net incomes below $22,200
  • Lowers tax burden on low-income taxpayers by allowing income up to $4,499 to be taxed at 0% rather than being completely exempt

Legislative Description

To Amend The Income Tax Imposed On Individuals, Trusts, And Estates; And To Reduce The Income Tax Imposed On Low-income Taxpayers.

Last Action

Died in House Committee at Sine Die Adjournment

10/15/2021

Committee Referrals

Revenue and Taxation1/11/2021

Full Bill Text

No bill text available