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AR HB1403
Bill
Status
Failed
10/15/2021
Primary Sponsor
John Maddox
Click for details
AI Summary
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Reduces the income tax rate for individuals, trusts, and estates earning between $37,200 and $79,300 from 5.9% to 5.8% effective January 1, 2022
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Creates a new tax bracket for income above $79,300 with a graduated rate structure: 2% on income from $0-$4,000, 4% on $4,001-$8,000, and 5.8% on $8,001 and above
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Applies changes to tax years beginning on or after January 1, 2022
Legislative Description
To Amend The Income Tax; And To Reduce The Rate Of Tax Levied On The Top Income Tax Bracket.
Last Action
Died in House Committee at Sine Die Adjournment
10/15/2021
Committee Referrals
Revenue and Taxation2/3/2021
Full Bill Text
No bill text available