This week, the House convened for an Extraordinary Session to address tax cuts, vaccine mandates for state agencies, amendments to the Freedom of Information Act, and technical corrections to previously passed legislation.
SB8 reduces the top personal income tax rate from 4.7% to 4.4%. The bill also reduces the corporate income tax rate from 5.1% to 4.8%. In addition, it provides a one-time non-refundable income tax credit of $150 to taxpayers making less than $89,600 a year. Married couples filing jointly with an income of less than $179,200 a year will receive a $300 non-refundable tax credit. The credit will be retroactive to January 1, 2023.
Since 2013, the Arkansas General Assembly has $1.6 billion in taxes. The majority of those tax cuts were reducing the personal income tax.
HB1004 and SB1 are identical bills creating the Arkansas Reserve Fund Set-Aside in the Restricted Reserve Fund and directing the transfer of $710.6 million in surplus funds to the newly created reserve fund.
SB10 amends 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.
HB1002 and SB3 are identical bills that prohibit the state government from mandating a vaccination or immunization for COVID-19 or any subvariants.
HB1005 and SB4 are identical bills providing clarity in Arkansas code for schools and educational institutions to keep exterior doors locked apart from transition times during school hours.
SB5 amends 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.
HB1006 and SB 6 are identical bills clarifying the sentencing for a felony with a firearm.
You can read the bills and watch the recorded committee meetings and House floor proceedings at arkansashouse.org.