Arkansas 2025 Regular Session

Arkansas Senate Bill SB318 Compare Versions

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

Old	New	Differences
1	1	Stricken language would be deleted from and underlined language would be added to present law.
2	2	JLL208 02/26/2025 7:38:35 AM JLL208
3	3	State of Arkansas 1
4	4	95th General Assembly A Bill 2
5	5	Regular Session, 2025 SENATE BILL 318 3
6	6	4
7	7	By: Senator F. Love 5
8	8	6
9	9	7
10	10	For An Act To Be Entitled 8
11	11	AN ACT TO CREATE AN INCOME TAX EXEMPTION FOR CERTAIN 9
12	12	INDIVIDUALS BASED ON INCOME AND AGE; AND FOR OTHER 10
13	13	PURPOSES. 11
14	14	12
15	15	13
16	16	Subtitle 14
17	17	TO CREATE AN INCOME TAX EXEMPTION FOR 15
18	18	CERTAIN INDIVIDUALS BASED ON INCOME AND 16
19	19	AGE. 17
20	20	18
21	21	BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: 19
22	22	20
23	23	SECTION 1. DO NOT CODIFY. Legislative findings. 21
24	24	The General Assembly finds that: 22
25	25	(1) Senior citizens are impacted by the rising costs of daily 23
26	26	living expenses, including without limitation rent, utilities, groceries, 24
27	27	medical expenses, and home healthcare costs, as indicated by the Consumer 25
28	28	Price Index for All Urban Consumers, which has increased significantly over 26
29	29	the years; and 27
30	30	(2) Many senior citizens are on a fixed income, which is usually 28
31	31	less than one thousand six hundred dollars ($1,600) per month. 29
32	32	30
33	33	SECTION 2. Arkansas Code Title 26, Chapter 51, Subchapter 3, is 31
34	34	amended to add an additional section to read as follows: 32
35	35	26-51-317. Certain individuals based on age and income. 33
36	36	There is allowed an exemption from the income tax imposed by this 34
37	37	chapter for a person who: 35
38	38	(1) Is at least sixty -five (65) years of age; and 36 SB318
39	39
40	40	2 02/26/2025 7:38:35 AM JLL208
41	41	(2) Has an annual gross income that does not exceed twenty -five 1
42	42	thousand dollars ($25,000) for the tax year. 2
43	43	3
44	44	SECTION 3. EFFECTIVE DATE. Section 2 of this act is effective for tax 4
45	45	years beginning on or after January 1, 2026. 5
46	46	6
47	47	7
48	48	8
49	49	9
50	50	10
51	51	11
52	52	12
53	53	13
54	54	14
55	55	15
56	56	16
57	57	17
58	58	18
59	59	19
60	60	20
61	61	21
62	62	22
63	63	23
64	64	24
65	65	25
66	66	26
67	67	27
68	68	28
69	69	29
70	70	30
71	71	31
72	72	32
73	73	33
74	74	34
75	75	35
76	76	36