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AR HB1001
Bill
Status
6/19/2024
Primary Sponsor
Les Eaves
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AI Summary
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Increases the income threshold for individuals, trusts, and estates in the lowest tax bracket from $87,000 to $89,600, with corresponding adjustments to all subsequent income brackets and tax rates
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Reduces the top individual income tax rate from 4.4% to 3.9% for those earning between $25,000 and $89,600, and reduces the rate from 4.4% to 3.9% for higher earners in the secondary tax table
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Reduces the corporate income tax rate on net income exceeding $11,000 from 4.8% to 4.3% for both domestic and foreign corporations, effective January 1, 2024
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Requires a transfer of $290,000,000 from the General Revenue Allotment Reserve Fund to the Arkansas Reserve Fund Set-Aside on July 2, 2024
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Declares an emergency effective upon gubernatorial approval to allow taxpayers, employers, and the Department of Finance and Administration time to implement the tax law changes
Legislative Description
To Reduce The Income Tax Levied On Individuals, Trusts, Estates, And Corporations; To Transfer Surplus Funds To The Arkansas Reserve Fund Set-aside; And To Declare An Emergency.
Last Action
Notification that HB1001 is now Act 4
6/19/2024