Republican Low Income Tax Break Bill Passes Arkansas' Congress

The Arkansas State Senate and House have passed Republican Keven Anderson's House Bill 1443 which was co-authored by numerous representatives and senators. The Bill would provide income tax relief for taxpayers with income below the Federal poverty level and provide tax relief for other low income families who are residents of Arkansas.

It extends tax relief via a tax credit to single tax filers with a taxable income of less than $13,500. Married couples filing jointly would be eligible for the credit if they make less than $21,400. A married couple filing jointly who have two or more dependents get the credit if they make less than $26,700. A single head of household with one or more dependents would qualify if he or she makes less than $19,000. The amount of the credit varies from $416 to $1, depending on the number of dependents and income level. The bill also includes a formula for calculating the credit in future years. The bill has been transmitted to the Governor who has already agreed to sign the bill as part of a negotiated tax package.

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Tags: Arkansas, Republican, taxes