AR
Arkansas Senate Bill SB318

Arkansas 2025 Regular Session

Arkansas Senate Bill SB318

Introduced
2/26/25  
Refer
2/26/25  

Caption

To Create An Income Tax Exemption For Certain Individuals Based On Income And Age.

Impact

If enacted, SB318 would amend the Arkansas Code, specifically Title 26, Chapter 51, by adding a provision that delineates the criteria under which certain individuals—including the elderly—can qualify for an income tax exemption. This change is poised to provide significant financial relief for many senior citizens, enabling them to allocate more of their limited income towards essential needs. The effective date for this exemption is set for tax years starting January 1, 2026.

Summary

Senate Bill 318 introduces an income tax exemption for Arkansas residents who are 65 years of age or older, provided their annual gross income does not exceed $25,000. This initiative aims to alleviate the financial burden on senior citizens, particularly as they navigate the rising costs associated with daily living expenses such as housing, healthcare, and groceries, which have been increasingly highlighted by the Consumer Price Index. By creating a targeted tax exemption, the bill underscores the challenges faced by this demographic, particularly those on fixed incomes.

Contention

While the bill seeks to assist a vulnerable population, discussions surrounding its impacts may evoke varied opinions. Supporters may argue that this measure is necessary to support older citizens experiencing financial strain, whereas opponents could express concerns over the implications for state revenue. The balance between providing necessary support for seniors while ensuring that the state can maintain its fiscal health could become a notable point of contention. Additionally, there may be debates on whether the income threshold is appropriately set or if it adequately reflects the needs of the community.

Companion Bills

No companion bills found.

Previously Filed As

AR SB8

To Reduce The Income Tax Rates Applicable To Individuals, Trusts, Estates, And Corporations; To Create An Inflationary Relief Income Tax Credit For Certain Taxpayers; And To Declare An Emergency.

AR HB1152

To Create An Income Tax Exemption For Teachers.

AR HB1382

To Create The Reboot Pilot Program; And To Create An Income Tax Credit For Businesses That Hire Certain Former Offenders.

AR SB352

To Create Income Tax Incentives For Employer-based Dependent Care Assistance; And To Create An Income Tax Credit For Employer Payments Related To Dependent Care Assistance.

AR HB1003

To Create Income Tax Credits For Beginning Farmers And Owners Of Agricultural Assets.

AR HB1421

To Create An Income Tax Credit For Contributions To Certain Rural Hospital Organizations; And To Create The Helping Enhance Access To Rural Treatment (heart) Act.

AR HB1815

To Create An Income Tax Credit For Family Caregivers.

AR HB1240

To Amend The Income Tax Laws Relating To Certain Trusts; To Preserve Certain Trust Assets; And To Exempt Certain Trusts From Income Tax.

AR HB1366

To Create An Income Tax Credit For Property Tax Paid On Certain Poultry Structures; And To Offset The Property Tax Burden On Poultry Farmers.

AR SB549

To Reduce The Income Tax Rates Applicable To Individuals, Trusts, Estates, And Corporations.

Similar Bills

No similar bills found.