| 1 | 1 | | Stricken language would be deleted from and underlined language would be added to present law. |
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| 2 | 2 | | *JLL175* 03/05/2025 9:57:52 AM JLL175 |
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| 3 | 3 | | State of Arkansas 1 |
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| 4 | 4 | | 95th General Assembly A Bill 2 |
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| 5 | 5 | | Regular Session, 2025 SENATE BILL 386 3 |
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| 6 | 6 | | 4 |
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| 7 | 7 | | By: Senator Crowell 5 |
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| 8 | 8 | | By: Representative Cavenaugh 6 |
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| 9 | 9 | | 7 |
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| 10 | 10 | | For An Act To Be Entitled 8 |
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| 11 | 11 | | AN ACT TO AMEND THE LAW CONCERNING CERTAIN REPORTS OF 9 |
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| 12 | 12 | | THE SECRETARY OF THE DEPARTMENT OF FINANCE AND 10 |
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| 13 | 13 | | ADMINISTRATION; TO REPEAL THE LAW REQUIRING THE 11 |
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| 14 | 14 | | SECRETARY OF THE DEPARTMENT OF FINANCE AND 12 |
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| 15 | 15 | | ADMINISTRATION TO SUBMIT A REPORT CONCERNING CHANGES 13 |
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| 16 | 16 | | MADE IN FEDERAL INCOME TAX LAWS AND REGULATIONS; AND 14 |
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| 17 | 17 | | FOR OTHER PURPOSES. 15 |
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| 20 | 20 | | Subtitle 18 |
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| 21 | 21 | | TO REPEAL THE LAW REQUIRING THE 19 |
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| 22 | 22 | | SECRETARY OF THE DEPARTMENT OF FINANCE 20 |
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| 23 | 23 | | AND ADMINISTRATION TO SUBMIT A REPORT 21 |
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| 24 | 24 | | CONCERNING CHANGES MADE IN FEDERAL 22 |
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| 25 | 25 | | INCOME TAX LAWS AND REGULATIONS. 23 |
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| 26 | 26 | | 24 |
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| 27 | 27 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: 25 |
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| 28 | 28 | | 26 |
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| 29 | 29 | | SECTION 1. Arkansas Code § 10 -3-220 is amended to read as follows: 27 |
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| 30 | 30 | | 10-3-220. Monitoring of changes made in federal income tax laws and 28 |
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| 31 | 31 | | regulations — Reports of secretary . 29 |
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| 32 | 32 | | (a) The Secretary of the Department of Finance and Administration 30 |
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| 33 | 33 | | shall monitor changes made in federal income tax laws and regulations for the 31 |
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| 34 | 34 | | purpose of determining how the changes may affect Arkansas income tax law and 32 |
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| 35 | 35 | | for the purpose of determining how the changes differ from provisions adopted 33 |
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| 36 | 36 | | for Arkansas income tax purposes. 34 |
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| 37 | 37 | | (b) The secretary shall report his or her findings annually to the 35 |
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| 38 | 38 | | House Committee on Revenue and Taxation and the Senate Committee on Revenue 36 SB386 |
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| 39 | 39 | | |
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| 40 | 40 | | 2 03/05/2025 9:57:52 AM JLL175 |
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| 41 | 41 | | and Taxation and may make such other reports to the House Committee on 1 |
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| 42 | 42 | | Revenue and Taxation and the Senate Committee on Revenue and Taxation as he 2 |
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| 43 | 43 | | or she deems necessary. 3 |
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