AR
Arkansas Senate Bill SB589

Arkansas 2023 Regular Session

Arkansas Senate Bill SB589

Introduced
4/6/23  
Refer
4/6/23  

Caption

To Amend The Law Concerning Tax Credits For Certain Individual Political Contributions; To Increase The Amount Of A Tax Credit For Political Contributions In Arkansas; And To Amend Portions Of Initiated Act 1 Of 1996.

Impact

The legislative change is expected to impact state tax codes and campaign finance rules significantly. Increasing the tax credit limits could lead to more contributions from individuals, thereby affecting the overall funding dynamics of campaigns in Arkansas. Supporters of the bill argue that this amendment will allow candidates to compete more effectively, especially in local elections, where funding can often be a deciding factor in campaign success. It also aligns with broader efforts to foster political engagement among citizens by making contributions more financially manageable.

Summary

SB589 seeks to amend existing laws regarding tax credits for individual political contributions in Arkansas. Specifically, the bill proposes to increase the maximum allowable tax credit for such contributions from $50 to $100 for individuals, and from $100 to $200 for joint filings. This change aims to encourage more substantial contributions to political campaigns and engage citizens in the electoral process. By raising these limits, the bill intends to enhance the financial support that candidates can receive, potentially leading to a more vibrant political landscape in the state.

Contention

However, the proposal is not without its critics. Opponents may argue that raising the tax credit could allow for an influx of money into the political system, potentially leading to undue influence from wealthy individuals in the electoral process. There is also concern that by increasing the financial thresholds for contributions, the bill might exacerbate inequalities in campaign funding, as candidates with strong fundraising capabilities could leverage these tax credits more effectively, thereby deepening the influence of money in politics.

Companion Bills

No companion bills found.

Previously Filed As

AR SR23

To Recognize The Arkansas Committee Of The National Museum Of Women In The Arts For Thirty-five Years Of Creative Contributions To The Citizens Of Arkansas And Continuous Support Of Women Artists In Arkansas.

AR HR1004

To Recognize The Arkansas Committee Of The National Museum Of Women In The Arts For Thirty-five Years Of Creative Contributions To The Citizens Of Arkansas And Continuous Support Of Women Artists In Arkansas.

AR HCR1002

To Recognize The Arkansas Committee Of The National Museum Of Women In The Arts For Thirty-five Years Of Creative Contributions To The Citizens Of Arkansas And Continuous Support Of Women Artists In Arkansas.

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 SR24

Congratulating Roger Allan Norman, Legislative Auditor For Arkansas Legislative Audit, Upon His Retirement And Commending Him For His Contributions To The State Of Arkansas.

AR SR17

To Authorize The Introduction Of A Nonappropriation Bill To Amend The Arkansas Data Centers Acts Of 2023, To Regulate Digital Asset Mining Businesses And Businesses Utilizing A Blockchain Network, And To Declare An Emergency.

AR HR1020

To Authorize The Introduction Of A Nonappropriation Bill To Amend The Arkansas Data Centers Acts Of 2023, To Regulate Digital Asset Mining Businesses And Businesses Utilizing A Blockchain Network, And To Declare An Emergency.

AR SB41

An Act For The Arkansas Minority Health Initiative Of The Department Of Health - Arkansas Minority Health Commission Appropriation For The 2024-2025 Fiscal Year.

AR SB78

To Amend The Arkansas Data Centers Act Of 2023; To Prohibit Foreign-party-controlled Ownership Of A Digital Asset Mining Business; And To Declare An Emergency.

AR SR5

To Authorize The Introduction Of A Nonappropriation Bill To Amend The Arkansas Data Centers Act Of 2023 And To Prohibit Foreign-party-controlled Ownership Of A Digital Asset Mining Business.

Similar Bills

No similar bills found.