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AR HB1032
Bill
Status
10/15/2021
Primary Sponsor
Logan Jett
Click for details
AI Summary
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Amends Arkansas Code § 26-51-307(f) to allow taxpayers receiving military retirement or survivor benefits to claim additional retirement income tax exemptions under certain conditions.
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Taxpayers claiming less than $6,000 in military retirement or survivor benefits exemptions may exempt additional retirement benefits equal to the difference between their military exemption and $6,000.
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Previously, taxpayers claiming any exemption for military retirement or survivor benefits were ineligible for any exemption under the general retirement benefits provision; this creates a limited exception to that rule.
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Effective for tax years beginning on or after January 1, 2022.
Legislative Description
To Amend The Income Tax Act Of 1929 To Allow A Taxpayer Receiving Military Retirement Or Survivor Benefits To Receive The Full Amount Of The Income Tax Exemption For Retirement Benefits.
Last Action
Died in Senate Committee at Sine Die adjournment.
10/15/2021