AR SB313

Amends Arkansas Code § 26-51-307(f) to allow taxpayers receiving military retirement or survivor benefits to claim additional retirement income tax exemptions under subsection (a).

Permits taxpayers claiming less than $6,000 in exemptions for military retirement or survivor benefits to claim additional exempt retirement benefits equal to the difference between their claimed exemption and $6,000.

Maintains the general rule that taxpayers claiming exemptions under subsection (e) are not eligible for exemptions under subsection (a), except for this new military retirement benefit provision.

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