Bill Summary – FastDemocracy

Stricken language would be deleted from and underlined language would be added to present law.
 1   State of Arkansas                     As Engrossed:       H3/31/21
 2   93rd General Assembly                          A Bill
 3   Regular Session, 2021                                                               HOUSE BILL 1403
 4
 5   By: Representatives Maddox, McCollum, Lundstrum, Hollowell, Ray
 6   By: Senator Hester
 7
 8                                       For An Act To Be Entitled
 9                    AN ACT TO AMEND THE INCOME TAX; TO REDUCE THE RATE OF
10                    TAX LEVIED ON THE TOP INCOME TAX BRACKET; AND FOR
11                    OTHER PURPOSES.
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14                                                   Subtitle
15                           TO AMEND THE INCOME TAX; AND TO REDUCE
16                           THE RATE OF TAX LEVIED ON THE TOP INCOME
17                           TAX BRACKET.
18
19
20   BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS:
21
22            SECTION 1.      Arkansas Code  26-51-201(a)(7), concerning the rate of tax
23   levied on the income of individuals, trusts, and estates, is amended to read
24   as follows:
25                    (7)    Every resident, individual, trust, or estate having net
26   income greater than or equal to twenty-two thousand two hundred dollars
27   ($22,200), but less than or equal to seventy-nine thousand three hundred
28   dollars ($79,300), shall determine the amount of income tax due under this
29   subsection in accordance with the table set forth below:
30   From                             Less Than or Equal To                                    Rate
31
32   $0                               $4,499                                                   0.75%
33   $4,500                           $8,899                                                   2.5%
34   $8,900                           $13,399                                                  3.5%
35   $13,400                          $22,199                                                  4.5%
36   $22,200                          $37,199                                                  5%
     *RWO044*                                                                     03-31-2021 09:32:27 RWO044
     As Engrossed:     H3/31/21                                                   HB1403
 1   $37,200                      $79,300                                  5.9%5.8%
 2
 3            SECTION 2.   Arkansas Code  26-51-201(a)(9), concerning the rate of tax
 4   levied on the income of individuals, trusts, and estates, is amended to add
 5   an additional subdivision to read as follows:
 6                         (C)   For tax years beginning on and after January 1, 2022,
 7   every resident, individual, trust, or estate having net income of more than
 8   seventy-nine thousand three hundred dollars ($79,300) shall determine the
 9   amount of income tax due under this subsection in accordance with the table
10   set forth below:
11   From                         Less Than or Equal To                    Rate
12
13   $0                           $4,000                                   2%
14   $4,001                       $8,000                                   4%
15   $8,001 and above                                                      5.8%
16
17            SECTION 3.   EFFECTIVE DATE.   Sections 1 and 2 of this act are effective
18   for tax years beginning on or after January 1, 2022.
19
20                                           /s/Maddox
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                                              2              03-31-2021 09:32:27 RWO044
Statutes affected: 
Old version HB1403 Original - 2-3-2021 12:59 PM: 26-51-201(a)
Old version HB1403 V2 - 3-31-2021 09:33 AM: 26-51-201(a)
HB 1403: 26-51-201(a)