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AR HB1864
Bill
Status
4/1/2021
Primary Sponsor
David Ray
Click for details
AI Summary
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Creates the Automatic Taxpayer Refund Trust Fund on the books of the Treasurer of State, Auditor of State, and Chief Fiscal Officer of the State
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Transfers any amount exceeding $100,000,000 of general revenues transferred in a fiscal year to the trust fund beginning June 30, 2023
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Distributes refunds from the fund to taxpayers who filed resident individual income tax returns for the most recent two tax years and paid state tax in the previous taxable year
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Calculates refund amounts based on each qualifying taxpayer's proportionate share of total income tax liability paid by all qualifying taxpayers in the preceding year, as determined by the Department of Finance and Administration
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Triggers automatic distribution of all moneys in the fund when the Chief Fiscal Officer determines the balance exceeds $100,000,000
Legislative Description
To Create The Automatic Taxpayer Refund Trust Fund And Provide For Its Funding; And To Set The Conditions Under Which Taxpayers Shall Receive Automatic Refunds.
Last Action
Recommended for study in the Interim by Joint Interim Committee on REVENUE & TAXATION- HOUSE
4/26/2021