This week, the House passed several bills which will increase various tax credits and exemptions.
Those bills include the following:
HB1157 would double the income tax deduction for a teacher’s qualified classroom expense from $250 to $500.
HB1513 creates an income tax credit for up to $3,500 for retired law enforcement officers who work cold cases for Arkansas State Police.
HB1196 would provide a sales and use tax exemption for water used by a poultry farm.
HB1054 allows for sales tax exemptions of isolated sales at special events.
HB1555 allows the Division of Heritage to issue up to $8 million in historic rehabilitation income tax credits each year. The current maximum amount of credits given is $4 million.
HB1596 amends the Sales Tax Exemption for Certain Machinery and Equipment to include items sold for the use of printing.
HB1314 increases the maximum credits allowed under the Water Resource Conservation and Development Incentive Act.
HB1160 would increase the sales tax exemption on used motor vehicles. Currently, used cars sold for under $4,000 are exempt from sales tax. This would increase the threshold to $7,500.
This week the House also advanced a proposed constitutional amendment. HJR1005 would require statewide ballot initiatives to receive 60% of the vote before becoming law. If approved by the Senate, HJR1005 would be placed on the ballot in November of 2022.
The General Assembly can put forth up to three proposed constitutional amendments every session. Although the resolutions must ultimately be approved by both chambers, the House and Senate each put forward one amendment. A 2/3 vote of both chambers is required before introducing a third amendment.
Our final order of business before adjourning the session will be the Revenue Stabilization Act (RSA). The RSA outlines the state budget for the following fiscal year. Once the RSA is filed, we will post it on our website.
You can find agendas and links to live streams of all House meetings at www.arkansashouse.org.
READ MORE: Lawmakers Pass Bill Increasing Tax Credits for Film Productions