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AR HB1004
Bill
Status
8/11/2022
Primary Sponsor
David Tollett
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AI Summary
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Reduces Arkansas individual income tax rates through 2025, with top rates declining from 5.5% to 4.9% by 2025, contingent on whether state funds are transferred from the Catastrophic Reserve Fund
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Creates a $60,000 income exemption from state income tax for teachers, full-time law enforcement officers, and firefighters employed in Arkansas
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Establishes an inflationary relief income-tax credit for tax year 2022 ranging from $10-$300 depending on filing status and income level (up to $101,000 for single filers, $202,000 for joint filers)
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Adopts federal depreciation and expensing rules as of January 1, 2022, for computing Arkansas income tax liability
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Reduces corporate income tax rates for both domestic and foreign corporations, with rates declining from 5.7% to 5.3% on income over $25,000 by 2025, subject to Catastrophic Reserve Fund transfer contingencies
Legislative Description
To Reduce Arkansas Income Taxes; To Adopt Federal Law On Depreciation And Expensing Of Property; To Create An Income-tax Credit For Certain Taxpayers; And To Declare An Emergency.
Last Action
Died in the House at Sine Die Adjournment
8/11/2022