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AR HB1116

Bill

Official Source

Status

Failed

5/1/2023

Primary Sponsor

Frances Cavenaugh

Click for details

Origin

House of Representatives

94th General Assembly (2023 Regular)

AI Summary

  • Creates a new income tax credit for individual taxpayers who are at least 65 years old in the calendar year they apply for the credit
  • Credit amount equals the real property tax paid in the prior calendar year on the taxpayer's homestead, minus any past due property taxes or penalties
  • Excess credits that exceed the taxpayer's income tax liability shall be refunded to the taxpayer
  • Effective for tax years beginning on or after January 1, 2023

Legislative Description

To Create An Income Tax Credit For Taxpayers Sixty-five (65) And Older In An Amount Equal To The Taxpayer's Property Tax Payment On A Homestead.

Last Action

Died in House Committee at Sine Die Adjournment

5/1/2023

Committee Referrals

Revenue and Taxation1/11/2023

Full Bill Text

No bill text available