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AR HB1216
Bill
Status
5/5/2025
Primary Sponsor
Wayne Long
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AI Summary
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Creates the "Free Market Zones Act" providing tax exemptions for businesses located in federally-designated opportunity zones (population census tracts designated under 26 U.S.C. § 1400Z-1 as of January 1, 2019)
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Exempts qualifying businesses from three state taxes: income tax, corporate franchise tax, and the elective pass-through entity tax
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Repeals existing Arkansas Code § 26-51-460, which had adopted federal opportunity zone tax provisions for computing state income tax liability
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Applies to business entities required to file corporate income tax returns or pass-through entity tax returns that are physically located within an opportunity zone
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Effective for tax years beginning on or after January 1, 2025
Legislative Description
To Create The Free Market Zones Act; And To Exempt A Business Located In An Opportunity Zone From The Income Tax, The Corporate Franchise Tax, And The Elective Pass-through Entity Tax.
Last Action
Died in House Committee at Sine Die adjournment.
5/5/2025