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AR SB1
Bill
Status
6/19/2024
Primary Sponsor
Jonathan Dismang
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AI Summary
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Increases the income threshold for the lowest individual tax bracket from $87,000 to $89,600 and reduces the top individual tax rate from 4.4% to 3.9% for those earning $25,000 to $89,600, effective for tax years beginning January 1, 2024.
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Reduces the top corporate income tax rate from 4.8% to 4.3% for net income exceeding $11,000 for both domestic and foreign corporations, effective for tax years beginning January 1, 2024.
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Transfers $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 to allow taxpayers and employers time to plan for and implement the tax law changes and to enable the Department of Finance and Administration to update forms, software, and train personnel.
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Becomes effective upon Governor's approval or expiration of veto period, without waiting for the normal legislative enactment process.
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 SB1 is now Act 1
6/19/2024