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AR HB1397

Bill

Official Source

Status

Failed

5/1/2023

Primary Sponsor

Les Eaves

Click for details

Origin

House of Representatives

94th General Assembly (2023 Regular)

AI Summary

  • Amends Arkansas Code § 26-51-404(b) to add a new exclusion from gross income for payments received from the federal Restaurant Revitalization Fund under 15 U.S.C. § 9009c or any successor fund.

  • Excluded amounts remain includable in adjustments specified in § 26-51-427(2) for tax purposes.

  • Allows the Department of Revenue to provide an exception from filing information return requirements for amounts excluded under this provision.

  • Effective for tax years beginning on or after January 1, 2022.

Legislative Description

To Exempt Payments Received From The Restaurant Revitalization Fund From Gross Income For Purposes Of Computing Income Tax.

Last Action

Died in House Committee at Sine Die Adjournment

5/1/2023

Committee Referrals

Revenue and Taxation2/9/2023

Full Bill Text

No bill text available