Arkansas 2025 Regular Session

Arkansas House Bill HCR1002 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2	JLL040 11/20/2024 7:42:23 AM JLL040
3	3	State of Arkansas 1
4	4	95th General Assembly 2
5	5	Regular Session, 2025 HCR 1002 3
6	6	4
7	7	By: Representative Ray 5
8	8	By: Senator J. Dotson 6
9	9	7
10	10	HOUSE CONCURRENT RESOLUTION 8
11	11	TO URGE THE UNITED STATES CONGRESS TO PERMANENTLY 9
12	12	EXTEND THE TAX CUTS AND JOBS ACT OF 2017. 10
13	13	11
14	14	12
15	15	Subtitle 13
16	16	TO URGE THE UNITED STATES CONGRESS TO 14
17	17	PERMANENTLY EXTEND THE TAX CUTS AND JOBS 15
18	18	ACT OF 2017. 16
19	19	17
20	20	WHEREAS, prior to government -mandated economic shutdowns during the 18
21	21	coronavirus 2019 (COVID -19) pandemic, the Tax Cuts and Jobs Act of 2017 19
22	22	spurred steady economic expansion and allowed the spirit of entrepreneurship 20
23	23	to flourish, while creating new jobs and opportunities for millions of 21
24	24	Americans; and 22
25	25	23
26	26	WHEREAS, the tax cuts of 2017 resulted in a one trillion five hundred 24
27	27	billion dollar ($1,500,000,000,000) net tax cut, and were followed by 25
28	28	historically low unemployment rates, an increase in business investment, and 26
29	29	a six thousand dollar ($6,000) increase in real median household income over 27
30	30	two years, including scores of raises and bonuses for workers immediately 28
31	31	after the 2017 tax cuts were adopted; and 29
32	32	30
33	33	WHEREAS, more than one hundred million (100,000,000) American taxpayers 31
34	34	from all income groups, but especially middle and working class American 32
35	35	taxpayers, have enjoyed real tax relief due to the Tax Cuts and Jobs Act of 33
36	36	2017; and 34
37	37	35
38	38	WHEREAS, twenty-three (23) provisions of the 2017 tax cuts directly 36 HCR1002
39	39
40	40	2 11/20/2024 7:42:23 AM
41	41	relating to individual income taxes, such as the reductions in personal 1
42	42	income tax rates, the near doubling of the standard deduction, and the 2
43	43	substantial reduction of the hated Alternative Minimum Tax (AMT), will expire 3
44	44	after December 31, 2025; and 4
45	45	5
46	46	WHEREAS, the 2017 tax cuts reduced federal tax rates for households 6
47	47	across every income level, and this relief resulted in a tax cut of more than 7
48	48	one thousand five hundred dollars ($1,500) for the average middle -income 8
49	49	earner; and 9
50	50	10
51	51	WHEREAS, prior to the 2017 tax cuts, the top corporate income tax rate 11
52	52	in the United States was thirty -five percent (35%), the highest among all 12
53	53	nations in the Organization for Economic Co -operation and Development (OECD); 13
54	54	and 14
55	55	15
56	56	WHEREAS, the 2017 tax cuts reduced the business tax rate from thirty -16
57	57	five percent (35%) to twenty -one percent (21%), bringing the United States 17
58	58	back to average among OECD member nations, and dramatically enhancing 18
59	59	American competitiveness; and 19
60	60	20
61	61	WHEREAS, the 2017 tax cuts set an annual cap of ten thousand dollars 21
62	62	($10,000) on the state and local tax (SALT) deduction, thereby broadening the 22
63	63	tax base at the federal level and in many states, which caused state level 23
64	64	budget surpluses and resulted in many states offering substantial tax relief; 24
65	65	and 25
66	66	26
67	67	WHEREAS, if the current ten thousand dollars ($10,000) cap on the SALT 27
68	68	deduction is allowed to expire after December 31, 2025, the federal tax base 28
69	69	will be narrowed; and 29
70	70	30
71	71	WHEREAS, returning to an unlimited SALT deduction would be an incentive 31
72	72	for many states to once again implement higher taxes and spend at higher 32
73	73	levels; and 33
74	74	34
75	75	WHEREAS, a majority of Americans support making the 2017 tax cuts 35
76	76	permanent; and 36 HCR1002
77	77
78	78	3 11/20/2024 7:42:23 AM
79	79	1
80	80	WHEREAS, allowing the Tax Cuts and Jobs Act of 2017 to expire would 2
81	81	result in a massive tax increase on hardworking American taxpayers, a 3
82	82	significant decline in American competitiveness, fewer jobs, reduced wage 4
83	83	income for workers, and higher prices, 5
84	84	6
85	85	NOW THEREFORE, 7
86	86	BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES OF THE NINETY -FIFTH GENERAL 8
87	87	ASSEMBLY OF THE STATE OF ARKANSAS, THE SENATE CONCURRING THEREIN: 9
88	88	10
89	89	THAT the General Assembly of the State of Arkansas urges the United 11
90	90	States Congress to permanently extend the Tax Cuts and Jobs Act of 2017 with 12
91	91	commensurate spending cuts to avoid increasing the federal debt burden. 13
92	92	14
93	93	15
94	94	16
95	95	17
96	96	18
97	97	19
98	98	20
99	99	21
100	100	22
101	101	23
102	102	24
103	103	25
104	104	26
105	105	27
106	106	28
107	107	29
108	108	30
109	109	31
110	110	32
111	111	33
112	112	34
113	113	35
114	114	36