This bill amends the Arkansas Code to introduce a new section, 26-51-462, which allows for a deduction of certain qualified business expenses under the Income Tax Act of 1929. Specifically, it adopts provisions from Title 26 U.S.C. 199A(a)-(h), as they are effective on January 1, 2025, to facilitate the computation of Arkansas income tax liability related to qualified business income.

Additionally, the bill establishes that the new deduction will be effective for tax years beginning on or after January 1, 2025. This change aims to align Arkansas tax law with federal provisions, potentially benefiting businesses by allowing them to deduct qualified expenses from their taxable income.