AR
Arkansas House Bill HB1450

Arkansas 2023 Regular Session

Arkansas House Bill HB1450

Introduced
2/16/23  
Refer
2/16/23  

Caption

To Amend The Additional Penalties Provided For Failure To Comply With State Tax Procedure; And To Repeal The Additional Penalty For Failing To Make Required Quarterly Estimated Income Tax Payments.

Impact

This bill is expected to alter how penalties are applied under Arkansas tax law, offering relief to those struggling to remain compliant with quarterly payment obligations. By removing the additional 10% per annum penalty for underpayment, the legislation may lead to a decrease in the penalties faced by taxpayers, especially those whose income varies significantly from year to year. This change could provide more flexibility to taxpayers who may face financial difficulties or unpredictable income streams.

Summary

House Bill 1450 aims to amend the Arkansas tax code by adjusting penalties related to state tax procedure compliance. Notably, the bill seeks to repeal the existing additional penalty imposed on taxpayers who fail to make required quarterly estimated income tax payments. The rationale behind this amendment includes reducing the financial burdens on taxpayers who might find it challenging to meet these obligations due to varying income circumstances or other factors.

Contention

While some lawmakers support HB1450 for its potential to ease taxpayer burdens, opponents might argue that repealing this penalty could undermine the incentive for timely tax payment and compliance. Critics may contend that the existing penalties encourage responsible financial behavior and ensuring state tax revenues. Therefore, the debate surrounding HB1450 may reflect broader discussions about tax fairness and the responsibilities of taxpayers versus the needs of state revenue systems.

Companion Bills

No companion bills found.

Previously Filed As

AR SB26

An Act To Make An Appropriation For The Payment Of Approved Claims.

AR SR2

To Authorize The Introduction Of A Nonappropriation Bill Amending The Revenue Stabilization Law, Creating Funds, Repealing Funds, And Making Transfers To And From Funds And Fund Accounts.

AR HR1011

To Authorize The Introduction Of A Nonappropriation Bill Amending The Revenue Stabilization Law, Creating Funds, Repealing Funds, And Making Transfers To And From Funds And Fund Accounts.

AR SB79

To Amend The Arkansas Data Centers Act Of 2023; To Provide For The Regulation Of Digital Asset Mining Businesses; And To Declare An Emergency.

AR SB80

To Amend The Revenue Stabilization Law; To Create Funds, To Repeal Funds, And To Make Transfers To And From Funds And Fund Accounts; And To Declare An Emergency.

AR HB1097

To Amend The Revenue Stabilization Law; To Create Funds, To Repeal Funds, And To Make Transfers To And From Funds And Fund Accounts; And To Declare An Emergency.

AR HR1010

To Authorize The Introduction Of A Nonappropriation Bill To Amend The Revenue Stabilization Law, To Create Funds, To Repeal Funds, And To Make Transfers To And From Funds And Fund Accounts.

AR SR1

To Authorize The Introduction Of A Nonappropriation Bill To Amend The Revenue Stabilization Law, To Create Funds, To Repeal Funds, And To Make Transfers To And From Funds And Fund Accounts.

AR HB1023

An Act To Make An Appropriation For State Turnback For Counties And Municipalities By The Office Of The Treasurer Of State For The Fiscal Year Ending June 30, 2025; And For Other Purposes.

AR SB77

To Amend The Uniform Classification And Compensation Act; And To Declare An Emergency.

Similar Bills

No similar bills found.