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AR HB1190
Bill
Status
Failed
10/15/2021
Primary Sponsor
David Ray
Click for details
AI Summary
- The Secretary of the Department of Finance and Administration shall annually increase the standard income tax deduction by the cost-of-living adjustment, rounded to the nearest $10.00
- Cost-of-living adjustment is calculated as the percentage increase in Consumer Price Index for the current year over the preceding year, capped at 3 percent
- No adjustment to the standard deduction occurs if the Consumer Price Index does not increase year-over-year
- Consumer Price Index is measured as the average of the index as of August 31 for the applicable calendar year, using the most recent index for all Urban Consumers published by the United States Department of Labor
- The amendments are effective for tax years beginning on or after January 1, 2021
Legislative Description
To Amend The Individual Income Tax Laws; And To Provide A Cost-of-living Adjustment For The Standard Deduction.
Last Action
Died in House Committee at Sine Die Adjournment
10/15/2021
Committee Referrals
Revenue and Taxation1/14/2021
Full Bill Text
No bill text available