Bill > HB1001

This bill amends Arkansas income tax law in three key ways: 1. It adopts federal law regarding the depreciation and expensing of property for the purpose of computing Arkansas income tax liability for property purchased in tax years beginning on or after January 1, 2022. 2. It creates an inflationary relief income-tax credit for certain Arkansas resident individual taxpayers for the 2022 tax year. The credit amounts range from $10 to $600, depending on the taxpayer's filing status and level of net income. 3. The provisions related to depreciation and expensing of property are effective for tax years beginning on or after January 1, 2022, while the inflationary relief income-tax credit is effective specifically for the 2022 tax year.