Loading chat...

AR HB1817

Bill

Official Source

Status

Introduced

3/19/2021

Primary Sponsor

Howard Beaty

Click for details

Origin

House of Representatives

93rd General Assembly (2021 Regular)

AI Summary

  • Amends Arkansas Code § 26-51-428(a) to adopt federal tax depreciation and property expensing rules as of January 1, 2021, rather than January 1, 2019

  • Incorporates 26 U.S.C. §§ 167, 168(a)-(j), and 179 for computing Arkansas income tax liability on property purchased in tax years beginning January 1, 2021 or later

  • Removes previous reference to 26 U.S.C. § 179 as in effect on January 1, 2009

  • Effective for tax years beginning January 1, 2022 or later

Legislative Description

To Adopt Federal Law Concerning Income Tax Deductions For Depreciation And The Expensing Of Property.

Last Action

Recommended for study in the Interim by Joint Interim Committee on REVENUE & TAXATION- HOUSE

4/27/2021

Committee Referrals

Revenue and Taxation3/22/2021

Full Bill Text

No bill text available