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AR HB1044

Bill

Official Source

Status

Failed

5/1/2023

Primary Sponsor

Howard Beaty

Click for details

Origin

House of Representatives

94th General Assembly (2023 Regular)

AI Summary

  • Amends Arkansas Code § 26-51-428(a)(1) to adopt federal income tax depreciation and expensing rules under Title 26 U.S.C. §§ 167 and 168(a)-(j) as in effect on January 1, 2022 (updated from January 1, 2019)

  • Applies the adopted federal depreciation and expensing standards to property purchased in tax years beginning on or after January 1, 2022 (changed from January 1, 2014)

  • Effective for tax years beginning on or after January 1, 2023

Legislative Description

To Adopt Federal Law Concerning Income Tax Deductions For Depreciation And The Expensing Of Property.

Last Action

Died in House Committee at Sine Die Adjournment

5/1/2023

Committee Referrals

Revenue and Taxation1/9/2023

Full Bill Text

No bill text available