The bill amends various sections of the Arkansas Code to update the income tax deductions for moving and travel expenses. It authorizes the Department of Finance and Administration to set the per-mile amount for the income tax deduction for travel and transportation expenses through a proclamation. Specifically, the bill introduces new provisions that allow the Secretary of the Department to determine the per-mile deduction for vehicle miles, which cannot exceed one dollar ($1.00) per mile. Additionally, the Secretary is required to align the per-mile deduction as closely as possible with the amount established by the Internal Revenue Service, issuing a proclamation within thirty days of any changes made by the IRS.

The bill also makes several deletions and insertions in existing law. Notably, it removes previous language regarding the determination of travel expenses and replaces it with the new provisions for the per-mile deduction. Other amendments include changes to the definitions of rules under the Arkansas Administrative Procedure Act and adjustments to the deductions for moving expenses and self-employed taxpayers. Overall, the bill aims to streamline the process for determining travel and transportation expense deductions while ensuring that they remain fiscally responsible for taxpayers.

Statutes affected:
SB 412: 10-3-309(b), 25-15-202(9), 26-51-403(b), 26-51-423(a), 26-51-423(c), 26-51-423(g), 26-51-437(b)
Act 614: 10-3-309(b), 25-15-202(9), 26-51-403(b), 26-51-423(a), 26-51-423(c), 26-51-423(g), 26-51-437(b)