This bill proposes an amendment to the Arkansas Code to include unborn children as dependents for the purpose of personal income tax credits. Specifically, it modifies the definition of "dependent" to state that it includes an unborn child of a woman who is at least twelve weeks pregnant by the end of the tax year, as documented in her medical records. This change aims to provide an income tax credit for families expecting a child, thereby offering financial support during pregnancy.

Additionally, the bill establishes that the new provisions will take effect for tax years beginning on or after January 1, 2023. This timeline allows for the implementation of the tax credit in the upcoming tax year, potentially benefiting families who qualify under the new definition of dependent.

Statutes affected:
Old version SB261 Original - 2-14-2023 09:17 AM: 26-51-501(a)
Old version SB261 V2 - 2-21-2023 09:31 AM: 26-51-501(a)
SB 261: 26-51-501(a)