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AR HB1016
Bill
Status
Introduced
12/2/2022
Primary Sponsor
David Ray
Click for details
AI Summary
- Removes the 3% cap on annual cost-of-living adjustments to Arkansas individual income tax tables and standard deductions
- Changes the Consumer Price Index measurement from "All Urban Consumers" to the West South Central Division of the South Region index published by the U.S. Department of Labor
- Requires the Secretary of the Department of Finance and Administration to annually adjust the standard income tax deduction by the cost-of-living adjustment, rounded to the nearest $10
- Maintains the August 31 twelve-month measurement period for calculating the Consumer Price Index for adjustment purposes
- Effective for tax years beginning on or after January 1, 2023
Legislative Description
To Create The Inflation Reduction Act Of 2023.
Last Action
Recommended for study in the Interim by Joint Interim Committee on REVENUE & TAXATION- HOUSE
4/6/2023
Committee Referrals
Revenue and Taxation1/9/2023
Full Bill Text
No bill text available