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Bill > HB1002


AR HB1002

AR HB1002
To Reduce Arkansas Income Taxes; To Adopt Federal Law On Depreciation And Expensing Of Property; To Create An Income-tax Credit For Certain Taxpayers; And To Declare An Emergency.


summary

Introduced
08/08/2022
In Committee
08/10/2022
Crossed Over
08/10/2022
Passed
08/11/2022
Dead
Signed/Enacted/Adopted
08/11/2022

Introduced Session

93rd General Assembly (2022 Special)

Bill Summary

AN ACT TO REDUCE ARKANSAS INCOME TAXES; TO ACCELERATE FUTURE REDUCTIONS IN ARKANSAS INCOME TAXES; TO ADOPT FEDERAL LAW REGARDING DEPRECIATION AND EXPENSING OF PROPERTY; TO CREATE AN INFLATIONARY RELIEF INCOME-TAX CREDIT FOR CERTAIN TAXPAYERS; TO DECLARE AN EMERGENCY; AND FOR OTHER PURPOSES.

AI Summary

This bill: - Reduces Arkansas individual income tax rates, accelerating future rate reductions that were previously enacted. The top rate is reduced from 5.5% to 4.9%. - Adopts federal tax law provisions related to the depreciation and expensing of property for Arkansas income tax purposes. - Creates an inflationary relief income tax credit of up to $150 for individual taxpayers with income up to $101,000 ($300 for joint filers with income up to $202,000) for the 2022 tax year only. - Declares an emergency, citing Arkansas' budget surplus, to make the bill effective immediately upon enactment to reduce tax collections and combat inflation.

Committee Categories

Budget and Finance

Sponsors (75)

Jonathan Dismang (R)* Joe Jett (R)* Howard Beaty (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),  Joe Cloud (R),  Bruce Coleman (R),  Cameron Cooper (R),  Bruce Cozart (R),  Cindy Crawford (R),  Carol Dalby (R),  Jim Dotson (R),  Les Eaves (R),  Jane English (R),  Brian Evans (R),  Lanny Fite (R),  Scott Flippo (R),  Colby Fulfer (R),  Ben Gilmore (R),  Michelle Gray (R),  Delia Haak (R),  Kim Hammer (R),  Bart Hester (R),  Jimmy Hickey (R),  Ricky Hill (R),  David Hillman (R),  Steve Hollowell (R),  Missy Irvin (R),  Lane Jean (R),  Blake Johnson (R),  Mark Johnson (R),  Mark Lowery (R),  Robin Lundstrum (R),  Roger Lynch (R),  John Maddox (R),  Julie Mayberry (R),  Rick McClure (R),  Austin McCollum (R),  Richard McGrew (R),  Jon Milligan (R),  John Payton (R),  Aaron Pilkington (R),  Mathew Pitsch (R),  Jason Rapert (R),  David Ray (R),  Terry Rice (R),  Marcus Richmond (R),  Johnny Rye (R),  Bill Sample (R),  Matthew Shepherd (R),  Keith Slape (R),  Brandt Smith (R),  Stu Smith (R),  Nelda Speaks (R),  Gary Stubblefield (R),  James Sturch (R),  Dan Sullivan (R),  Dwight Tosh (R),  Kendon Underwood (R),  DeAnn Vaught (R),  Dave Wallace (R),  Les Warren (R),  Danny Watson (R),  Carlton Wing (R),  Jim Wooten (R), 

Last Action

Notification that HB1002 is now Act 1 (on 08/11/2022)

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