Bill
Bill > HB1001
AR HB1001
AR HB1001To Amend The State Income Tax; To Change The Name And Funding Of The Long Term Reserve Fund; And To Declare An Emergency.
summary
Introduced
12/06/2021
12/06/2021
In Committee
12/08/2021
12/08/2021
Crossed Over
12/08/2021
12/08/2021
Passed
12/09/2021
12/09/2021
Dead
Signed/Enacted/Adopted
12/09/2021
12/09/2021
Introduced Session
93rd General Assembly (2nd Special)
Bill Summary
AN ACT TO PROVIDE FOR INCOME TAX REDUCTIONS THAT PRESERVE THE STATE’S ABILITY TO BUILD AND MAINTAIN RESERVE FUNDS AND ENSURE FINANCIAL SECURITY; TO AMEND THE INCOME TAX BRACKETS AND RATES FOR INDIVIDUALS; TO AMEND THE INCOME TAX RATES FOR CORPORATIONS IF CERTAIN CONDITIONS RELATED TO THE STATE’S RESERVE FUNDS ARE MET; TO CHANGE THE NAME OF THE LONG TERM RESERVE FUND AND ENSURE IT IS ADEQUATELY FUNDED; TO CREATE AN INCOME TAX CREDIT FOR CERTAIN TAXPAYERS; TO INDEX THE STANDARD DEDUCTION TO THE CONSUMER PRICE INDEX; TO DECLARE AN EMERGENCY; AND FOR OTHER PURPOSES.
AI Summary
This bill:
Provides for income tax reductions that preserve the state's ability to build and maintain reserve funds and ensure financial security. It amends the income tax brackets and rates for individuals, and amends the income tax rates for corporations if certain conditions related to the state's reserve funds are met. It changes the name of the Long Term Reserve Fund to the Catastrophic Reserve Fund and ensures it is adequately funded. It creates an income tax credit for certain taxpayers, indexes the standard deduction to the Consumer Price Index, declares an emergency, and includes other provisions.
The key changes include reducing individual income tax rates over time, adjusting corporate income tax rates based on the state's reserve fund balance, renaming the Long Term Reserve Fund to the Catastrophic Reserve Fund, and providing a new income tax credit for certain lower-income taxpayers. The bill aims to balance tax relief with maintaining the state's fiscal stability and reserve funds.
Committee Categories
Budget and Finance
Sponsors (96)
Jonathan Dismang (R)*,
John Maddox (R)*,
Bob Ballinger (R),
Sonia Barker (R),
Howard Beaty (R),
Rick Beck (R),
Charles Beckham (R),
Mary Bentley (R),
Mark Berry (R),
Stan Berry (R),
Cecile Bledsoe (R),
Justin Boyd (R),
Kenneth Bragg (R),
Harlan Breaux (R),
Keith Brooks (R),
Karilyn Brown (R),
Josh Bryant (R),
Ron Caldwell (R),
John Carr (R),
Fran Cavenaugh (R),
Alan Clark (R),
Joe Cloud (R),
Bruce Coleman (R),
Cameron Cooper (R),
Bruce Cozart (R),
Cindy Crawford (R),
Carol Dalby (R),
Breanne Davis (R),
Marsh Davis (R),
Gary Deffenbaugh (R),
Jim Dotson (R),
Les Eaves (R),
Jane English (R),
Jon Eubanks (R),
Brian Evans (R),
Charlene Fite (R),
Lanny Fite (R),
Scott Flippo (R),
Jack Fortner (R),
Jimmy Gazaway (R),
Ben Gilmore (R),
Justin Gonzales (R),
Michelle Gray (R),
Delia Haak (R),
Kim Hammer (R),
Spencer Hawks (R),
James Hendren (I),
Bart Hester (R),
Jimmy Hickey (R),
Ricky Hill (R),
David Hillman (R),
Mike Holcomb (R),
Steve Hollowell (R),
Missy Irvin (R),
Lane Jean (R),
Joe Jett (R),
Blake Johnson (R),
Lee Johnson (R),
Mark Johnson (R),
Jack Ladyman (R),
Mark Lowery (R),
Roger Lynch (R),
Julie Mayberry (R),
Rick McClure (R),
Austin McCollum (R),
Richard McGrew (R),
Ron McNair (R),
Stephen Meeks (R),
Josh Miller (R),
Jon Milligan (R),
John Payton (R),
Mark Perry (D),
Aaron Pilkington (R),
Mathew Pitsch (R),
Jason Rapert (R),
David Ray (R),
Terry Rice (R),
Marcus Richmond (R),
Bill Sample (R),
Matthew Shepherd (R),
Keith Slape (R),
Stu Smith (R),
Nelda Speaks (R),
Gary Stubblefield (R),
James Sturch (R),
Dan Sullivan (R),
David Tollett (R),
Dwight Tosh (R),
Kendon Underwood (R),
DeAnn Vaught (R),
Dave Wallace (R),
Jeff Wardlaw (R),
Les Warren (R),
Danny Watson (R),
Carlton Wing (R),
Jim Wooten (R),
Last Action
Notification that HB1001 is now Act 1 (on 12/09/2021)
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