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AR HB1065
Bill
Status
5/5/2025
Primary Sponsor
David Ray
Click for details
AI Summary
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Removes the existing 3% cap on annual inflation adjustments to Arkansas individual income tax tables and standard deduction amounts
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Changes the inflation index used for tax adjustments from the Consumer Price Index for All Urban Consumers (national) to the West South Central division of the South Region CPI, which covers Arkansas, Louisiana, Oklahoma, and Texas
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Requires the Secretary of the Department of Finance and Administration to continue adjusting the standard deduction annually based on cost-of-living changes, rounded to the nearest $10
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Effective for tax years beginning on or after January 1, 2025
Legislative Description
To Create The Inflation Reduction Act Of 2025.
Last Action
Died in House Committee at Sine Die adjournment.
5/5/2025