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AR HB1097

Bill

Official Source

Status

Introduced

1/9/2023

Primary Sponsor

David Ray

Click for details

Origin

House of Representatives

94th General Assembly (2023 Regular)

AI Summary

  • Reduces the top marginal individual income tax rate from 4.9% to 4.5% for net income above $84,500
  • Reduces the tax rate from 4.9% to 4.5% for individuals with net income between $23,600 and $84,500
  • Maintains existing tax brackets and rates for lower income levels ($0-$23,599)
  • Effective for tax years beginning on or after January 1, 2023
  • Does not affect tax obligations that arose before January 1, 2023

Legislative Description

To Reduce The Top Marginal Tax Rate For Individual Taxpayers.

Last Action

WITHDRAWN BY AUTHOR

4/6/2023

Committee Referrals

Revenue and Taxation1/9/2023

Full Bill Text

No bill text available