House Revenue & Taxation Committee
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Transcript
Bills discussed (4)
| Bill | Title | Sponsor | Status |
|---|---|---|---|
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HB1399
· 2 mentions in chapter, transcript
Matched: “HB1399”
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Pre-2017 bill | ||
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HB1041
· 1 mention in chapter
Matched: “HB1041”
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Pre-2017 bill | ||
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HB1296
· 1 mention in transcript
Matched: “…ng to pass over that 1285 representative Lee is is not here HB 1296 representative Perry we're going to pass over that and HB 1…”
|
Pre-2017 bill | ||
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HB1400
· 1 mention in transcript
Matched: “committee HB 1400 we're gonna we're gonna pass over that with mr. Altus align…”
|
Pre-2017 bill |
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over 1266 representative Dale I think we're going to pass over that 1285 representative Lee is is not here HB 1296 representative Perry we're going to pass over that and HB 1399 I see representative Farrar and representative Farrar you're recognized to present your bill thank you mr. chair
Representative Joe Farrer
Unverified
0:25
what this bill does it gives a thousand dollar tax credit our tax deduction I'm
sorry to all volunteer firefighters to help
when they buy their equipment to help them fight the fires and if they damage their personal property during that fighting of the fires I think this is a good bill we need to help these guys out guys and gals out these are first responders and anything we can do to help them I'm for so I appreciate a good vote committee I
think some of us may be having trouble pulling the bill up I'm not sure if everybody is or just some people does anybody have any questions
for representative for our representative jet you're recognized yeah I'm just going to
Chair
Unverified
1:15
represent far I'm kind of aggravated them because I'd signed on to this bill I appreciate this bill and I think it's a good bill I appreciate that sir thank
you very much committee are there any other questions representative Weston and you're
Representative Bruce Westerman
Unverified
1:33
recognized is there no fiscal impact on this bill yes sir just got
Representative Joe Farrer
Unverified
1:37
it about five minutes ago the gentleman from DNFA
art there he said he'd give it to you if you wanted it I can tell you but he will best
off he wants mr. Tice please recognize yourself your organization for
Speaker 31
1:57
the record mr. chair committee members my name is John Tyson with the Department of Finance and Administration this revenue impact was only
Speaker 17
2:03
completed this morning and hasn't been through the formal release process but we do have the analysis completed the cost of this bill is forty eight thousand seven
Speaker 18
2:13
hundred dollars and be glad to answer any questions you have about
mr. Tice if a person is calculating the value of a credit could you just walk us through that excuse me the value of a deduction versus a credit can you just walk us through how that would manifest itself on the return for a
Speaker 31
2:38
volunteer firefighter in this bill yes sir under the bill as written the maximum deduction is one thousand
Speaker 17
2:43
dollars for a taxpayer to be entitled to claim this deduction they
have to itemize their deductions a taxpayer at the seven percent bracket this deduction would lower their taxable income by one thousand dollars seven percent of $1,000 would calculate to seventy per seventy dollars for many taxpayers the the their income is not in the top seven percent bracket the average tax rate paid by all our Cansons is about four point four percent so
that'd be a savings about forty four dollars per taxpayer somebody that's
faster at math can they divide fifty thousand dollars by seventy dollars per taxpayer just to tell me how many firefighters would have to claim the max credit in order for it to hit 50,000 just to give us an idea
Speaker 31
3:42
I'd have to have a calculator with me but
Speaker 14
3:50
all right so that assumes about 6,000 firefighters would take the deduction And there's 11,500 volunteer firefighters
Speaker 17
3:56
who would be eligible for this. Thank you very much, Mr. Tice. Representative
Westerman, you're recognized. So what kind of losses are we
Representative Bruce Westerman
Unverified
4:07
looking at that volunteer firefighters typically have in performing their duty? Can you give me some examples of that? Well,
you know, they could go out and they could damage their vehicle going to a fire.
Representative Joe Farrer
Unverified
4:21
you know these these they go off into fields and old homes and everything like that so that's mostly personal property as the vehicles I guess they could burn their clothes to representative Bell
Representative Nate Bell
Unverified
4:41
you're recognized for a question mr. chair with your indulgence more more of just a comment to representative Westerman based on personal experience a lot of years as a volunteer firefighter you'll read a lot of good boots you were in a lot of clothes you will ruin a lot of tires on
vehicles and that's those are things that happen on a regular basis so
Speaker 28
5:00
by way of commentary lots of clothes representative for
my question is this is a deduction that basically would treat volunteer firefighters in similar fashion to the way paid firefighters are treated in Arkansas the difference being that today the law does not allow volunteer firefighters to claim the deduction because they don't have firefighter income against which to deduct it correct that is true thank you
very much does anybody else have any other questions for a representative for our if not is there anyone in the audience oh I'm sorry to some raise their hand motion at the proper time mr. chair thank you thank you representative Armstrong is there anyone in the audience that would like to speak against the bill represent mr. leathers you're recognized please I state your name and
Speaker 31
5:56
organization for the record mr. chairman Tim leathers from DFA I'm just going to do what I told you we'd be doing consistently on revenue impacts and
that you know we haven't budgeted for this in the balanced budget and you're going to be looking at a lot of other worthy exemptions deductions and credits in this process and we want to make sure that the committee understands that would oppose it for that reason
thank you there any questions for yes representative Alexander you recognize mr. leathers
Representative Randy Alexander
Unverified
6:26
is correct we do have a lot to consider but first responders are at the top of my list and I think this is
something we need support thank you any other questions for mr. leathers anyone that wants to speak for the bill against the bill if not what's the pleasure of the committee motion to pass we have a proper motion all in favor any opposed representative Farrar your bill is passed thank you mr. chair thank you
committee HB 1400 we're gonna we're gonna pass over that with mr. Altus alignment and can I get a can I get a motion from the committee to adjourn motion to adjourn we're adjourned thank you everybody
Agenda
HB1041
HB1399
Documents
No documents posted.
Speakers
Representative Charlie Collins Chair
Unverified
Representative Joe Farrer
Unverified
Chair
Unverified
Representative Bruce Westerman
Unverified
Speaker 31
Speaker 17
Speaker 18
Speaker 14
Representative Nate Bell
Unverified
Speaker 28
Representative Randy Alexander
Unverified