Senate Bill 10 Summary

• Creates the "Working Taxpayer Relief Credit" allowing Arkansas income tax filers to claim a credit equal to 3% of their federal Earned Income Tax Credit (EITC) under 26 U.S.C. § 32 as it existed on January 1, 2021

• Credit is refundable, meaning any excess amount beyond the taxpayer's income tax liability will be refunded to the taxpayer

• Department of Finance and Administration must annually notify taxpayers of their potential eligibility for the credit

• Effective for tax years beginning on or after January 1, 2021