AR SB11

Removes the January 1, 2014 effective date restriction and replaces existing income tax rate brackets with new tax tables effective January 1, 2022.

Establishes a 0% tax rate on net income up to $26,500 for individual taxpayers, trusts, and estates.

Creates tiered tax rates for income between $26,500 and $84,500 ranging from 3.5% to 5.5%, and a 5.7% rate for income above $84,500.

Provides bracket adjustment deductions (ranging from $42.40 to $466.40) for taxpayers with net income between $84,501 and $90,100 to reduce their tax liability.

Requires annual adjustment of tax tables according to existing methodology in subsection (d) and applies the changes only to tax years beginning January 1, 2022 or later.