This bill amends the income tax credit for individual political contributions in Arkansas, specifically updating the limits on the credit amounts. The current law allows a credit of up to fifty dollars ($50) for individual tax returns and one hundred dollars ($100) for joint returns. The proposed changes increase these limits to one hundred dollars ($100) for individual returns and two hundred dollars ($200) for joint returns.

Additionally, the bill establishes an effective date for these changes, stating that the new credit limits will apply to tax years beginning on or after January 1, 2025. This amendment aims to enhance the financial incentives for individuals to contribute to political campaigns, thereby potentially increasing political engagement and support for candidates.

Statutes affected:
SB 57: 7-6-222(b)