The bill amends the standard deduction for income tax purposes in Arkansas, specifically updating the amounts allowed for taxpayers and married couples. For the tax year beginning January 1, 2014, the standard deduction is set at two thousand dollars ($2,000) per taxpayer. For tax years starting on or after January 1, 2015, this amount increases to two thousand two hundred dollars ($2,200) per taxpayer.

Additionally, the bill introduces a new provision that establishes a further increase in the standard deduction for tax years beginning on or after January 1, 2026, raising it to four thousand four hundred dollars ($4,400) per taxpayer. This change applies equally to married couples, allowing each spouse to claim the same standard deduction amounts as individual taxpayers. The bill effectively enhances the tax benefits for individuals and couples over the specified time frame.

Statutes affected:
Old version HB1066 V2 - 2-19-2025 11:07 AM: 26-51-430(b)
Old version HB1066 Original - 12-12-2024 10:39 AM: 26-51-430(b)
HB 1066: 26-51-430(b)