Our work for the Extraordinary Session is now complete and the legislation passed has been signed into law.
This morning, the House passed HB1007 and SB8. These are identical bills reducing the top personal income tax rate from 4.7% to 4.4%. The bills also reduce the corporate income tax rate from 5.1% to 4.8%. In addition, the bills provide an income tax credit of $150 to taxpayers making less than $90,000 annually. The credit will be retroactive to January 1, 2023.
The House also passed HB1012 and SB10. These are identical bills amending the Freedom of Information Act of 1967 by exempting records that reflect the planning or provision of security provided to the Governor, constitutional officers, the General Assembly, Justices of the Supreme Court, or Judges of the Court of Appeals. The bills also direct the Arkansas State Police to provide the legislature with a quarterly report on the expenses incurred by the Executive Protection Detail.
The House passed HB1008 and SB5. These are identical bills amending the Philanthropic Investment in Arkansas Kids Program Act and the Arkansas Children’s Educational Freedom Account Program to provide access to additional funding for children with disabilities.
In addition, the House passed SB3. This bill states that a state agency or a state or local official shall not mandate an individual to receive a vaccine or immunization for COVID-19 or any subvariants of COVID-19.
The House also passed SB1. This bill would create the Arkansas Reserve Fund Set-Aside in the Restricted Reserve Fund and direct the transfer of $710.6 million in surplus funds to the newly created reserve fund.
This afternoon, Governor Sanders signed all the bills passed during this session into law.
You can watch all the committee meetings and House floor proceedings from the session at arkansashouse.org.