Summaries

Tax Legislation

2024-07-09T16:53:37+00:00 Jun 21st, 2024|Summaries|

This week, the General Assembly convened for an Extraordinary Session, during which the legislature passed significant tax legislation. The new laws reduce the top individual income tax rate to 3.9%, the lowest since the tax was first enacted in the state in 1923. Among Southern states with an individual income tax, Arkansas now has the [...]

Daily Summary – June 18

2024-07-09T17:03:18+00:00 Jun 18th, 2024|Summaries|

On Tuesday, the House passed HB1001 and HB1002. HB1001 lowers the top individual income tax rate from 4.4% to 3.9%, and the corporate income tax rate from 4.8% to 4.3%. These tax cuts are set to take effect on January 1, 2024. Additionally, the bill mandates the transfer of $290 million in surplus funds to [...]

Daily Summary – June 17

2024-07-09T17:04:34+00:00 Jun 17th, 2024|Summaries|

On the first day of the Second Extraordinary Session, the House Revenue and Taxation Committee advanced two bills. HB1001 would reduce the top individual income tax rate from 4.4% to 3.9%. The bill would also reduce the corporate income tax rate from 4.8% to 4.3%. The tax cuts would be effective January 1, 2024. In [...]

Daily Summary – May 10

2024-07-09T17:33:31+00:00 May 10th, 2024|Summaries|

On Thursday, the House adjourned the 2024 Fiscal Session Sine Die. In this Fiscal Session, the General Assembly passed a $6.3 billion budget with limited spending growth. The largest increases in the budget are directed to education and public safety. The appropriation for the Arkansas Game and Fish Commission for the next fiscal year did [...]

Daily Summary – May 3

2024-07-09T17:32:45+00:00 May 3rd, 2024|Summaries|

This week, the House addressed several key issues including state employee pay, digital asset mining regulations, and the budget for the upcoming fiscal year. SB77, which was passed by the House, outlines a temporary pay plan for state employees, including a potential 3% raise and setting the minimum salary at $32,405 per year. Additionally, it [...]

Daily Summary – May 1

2024-07-09T17:32:06+00:00 May 1st, 2024|Summaries|

On Wednesday, the House passed HB1097. This bill amends the Revenue Stabilization Act (RSA) by outlining state spending for the 2024-2025 Fiscal Year. The RSA includes a 1.76% increase in state spending. The largest increases can be found in Educational Freedom Accounts, the Public School Fund, and Arkansas State Police. The House also passed SB77 [...]

Daily Summary – April 30

2024-07-09T17:31:24+00:00 Apr 30th, 2024|Summaries|

On Tuesday, the House City, County, and Local Affairs Committee advanced two bills addressing regulations for digital asset mining. SB78 requires that digital asset mining businesses apply specified noise-reduction techniques. It states that a prohibited foreign party shall not purchase or acquire any interest in a digital mining business in the state. SB79 states that [...]

Daily Summary – April 26

2024-07-09T17:30:42+00:00 Apr 26th, 2024|Summaries|

In the third week of the 2024 Fiscal Session, the proposed Revenue Stabilization Act for the 2025 Fiscal Year was distributed to members. The Revenue Stabilization Act (RSA) categorizes and prioritizes state spending. It is typically one of the last items passed every session. The proposed RSA outlines a 1.76% increase in state spending. The [...]

Daily Summary – April 25

2024-07-09T17:29:50+00:00 Apr 25th, 2024|Summaries|

Members are now reviewing the proposed Revenue Stabilization Act for the 2025 Fiscal Year. The Revenue Stabilization Act (RSA) categorizes and prioritizes state spending. It is typically one of the last items passed every session. The proposed RSA outlines a 1.76% increase in state spending. The largest increases can be found in Educational Freedom Accounts, [...]

Daily Summary – April 24

2024-07-09T17:29:17+00:00 Apr 24th, 2024|Summaries|

The Joint Budget Committee advanced SB77 on Wednesday. This bill outlines a temporary pay plan for state employees. Members were informed on Wednesday that the proposed Revenue Stabilization Act for the next fiscal year will be made available in the coming days. The Revenue Stabilization Act (RSA) categorizes and prioritizes state spending. It is typically [...]