Revenue & Tax - Senate
Video
Transcript
1 document
Bills discussed (34)
| Bill | Title | Sponsor | Status |
|---|---|---|---|
|
HB1485
· 5 mentions in agenda, chapter, transcript
Matched: “…ING CERTAIN PROPERTY TAX RELIEF OFFERED UNDER ARKANSAS LAW. HB1485 K. Brown TO CREATE A SALES AND USE TAX EXEMPTION FOR SALES…”
|
TO CREATE A SALES AND USE TAX EXEMPTION FOR SALES TO CERTAIN ORGANIZATIONS THAT SUPPORT … | K. Brown | Died in Senate Committee at Sine Die adjournment. |
|
HB1685
Act 1008
· 5 mentions in agenda, transcript
Matched: “…HOD OF VALUATION FOR OIL AND GAS WELL PRODUCTION EQUIPMENT. HB1685 Underwood TO CREATE THE GROCERY TAX RELIEF ACT; TO AMEND TH…”
|
TO CREATE THE GROCERY TAX RELIEF ACT; TO AMEND THE LAW CONCERNING THE SALES AND … | Underwood | Notification that HB1685 is now Act 1008 |
|
HB1627
Act 877
· 4 mentions in agenda, chapter, transcript
Matched: “…58; AND TO EXEMPT GROCERIES FROM STATE SALES AND USE TAXES. HB1627 Barnett TO AMEND THE LAW CONCERNING PROPERTY TAX RELIEF; AN…”
|
TO AMEND THE LAW CONCERNING PROPERTY TAX RELIEF; AND TO REQUIRE COUNTIES TO PROVIDE NOTICE … | Barnett | Notification that HB1627 is now Act 877 |
|
HB1809
Act 880
· 4 mentions in agenda, chapter, transcript
Matched: “…dwell Sen. Jim Petty REGULAR AGENDA Number Sponsor Subtitle HB1809 Warren TO ALLOW FOR PROPERTY OWNED BY A TRUST OR A LIMITED…”
|
TO ALLOW FOR PROPERTY OWNED BY A TRUST OR A LIMITED LIABILITY COMPANY TO QUALIFY … | Warren | Notification that HB1809 is now Act 880 |
|
HB1922
Act 881
· 4 mentions in chapter, agenda, transcript
Matched: “HB1922 Maddox TO AMEND THE CONSOLIDATED INCENTIVE ACT OF 2003; TO…”
|
TO AMEND THE CONSOLIDATED INCENTIVE ACT OF 2003; TO CREATE AN INCOME TAX CREDIT FOR … | Maddox | Notification that HB1922 is now Act 881 |
|
HB1937
Act 821
· 4 mentions in transcript, agenda, chapter
Matched: “…ext one that we have on our active agenda is going to be 13 House Bill 1937. I want to tell, tell members to this House Bill 1685 is co…”
|
TO AMEND THE METHOD OF VALUATION FOR MINERAL RIGHTS UNDER ARKANSAS CONSTITUTION, ARTICLE 16, § … | Jean | Notification that HB1937 is now Act 821 |
|
HB1063
Act 875
· 1 mention in agenda
Matched: “AGENDA (Revised 4-9-2025 8:16 AM) Moved HB1063 and HB1732 to Deferred Senate Committee on Revenue and Taxa…”
|
TO AMEND THE ACHIEVING A BETTER LIFE EXPERIENCE PROGRAM ACT; AND TO AMEND THE DEFINITIONS … | J. Mayberry | Notification that HB1063 is now Act 875 |
|
HB1085
Act 802
· 1 mention in agenda
Matched: “…SE TAX RATE APPLICABLE TO PURCHASES OF USED MOTOR VEHICLES. HB1085 K. Brown TO ADOPT FEDERAL LAW CONCERNING TAX-DEFERRED TUITI…”
|
TO ADOPT FEDERAL LAW CONCERNING TAX-DEFERRED TUITION SAVINGS PROGRAMS; AND TO AMEND THE INCOME TAX … | K. Brown | Notification that HB1085 is now Act 802 |
|
HB1491
Act 874
· 1 mention in agenda
Matched: “…FROM A COUNTY SALES AND USE TAXES FOR CAPITAL IMPROVEMENTS. HB1491 Wardlaw CONCERNING THE EXCISE TAX ON CERTAIN BEER AND SAKE;…”
|
CONCERNING THE EXCISE TAX ON CERTAIN BEER AND SAKE; TO CREATE AN EXCISE TAX CREDIT … | Wardlaw | Notification that HB1491 is now Act 874 |
|
HB1534
· 1 mention in agenda
Matched: “…USED IN RELATION TO A PROJECT FOR A YOUTH FARMING PROGRAM. HB1534 Schulz TO INCREASE THE HOMESTEAD PROPERTY TAX CREDIT. SB377…”
|
TO INCREASE THE HOMESTEAD PROPERTY TAX CREDIT. | Schulz | Died in Senate Committee at Sine Die adjournment. |
|
HB1732
Act 878
· 1 mention in agenda
Matched: “AGENDA (Revised 4-9-2025 8:16 AM) Moved HB1063 and HB1732 to Deferred Senate Committee on Revenue and Taxation Wednes…”
|
TO INCREASE THE AMOUNT OF THE INCOME TAX DEDUCTION ALLOWED FOR A TEACHER'S CLASSROOM INVESTMENT. | Vaught | Notification that HB1732 is now Act 878 |
|
HB1807
Act 879
· 1 mention in agenda
Matched: “…SAKE PRODUCED USING ARKANSAS RICE; AND FOR OTHER PURPOSES. HB1807 Eaves TO AMEND THE SALES TAX EXEMPTION FOR AIRCRAFT HELD FO…”
|
TO AMEND THE SALES TAX EXEMPTION FOR AIRCRAFT HELD FOR RESALE AND USED FOR RENTAL … | Eaves | Notification that HB1807 is now Act 879 |
|
SB131
· 1 mention in agenda
Matched: “…THE DEPARTMENT OF FINANCE AND Page 2 of 3 ADMINISTRATION. SB131 J. Bryant TO CONFIRM THE LAW RELATED TO THE ASSESSMENT OF A…”
|
TO CONFIRM THE LAW RELATED TO THE ASSESSMENT OF A HOMESTEAD BELONGING TO A PERSON … | J. Bryant | Died in Senate Committee at Sine Die adjournment. |
|
SB204
· 1 mention in agenda
Matched: “…R FUTURE FUND PLAN TO A ROTH INDIVIDUAL RETIREMENT ACCOUNT. SB204 C. Penzo TO EXEMPT FROM GROSS INCOME A GAIN BY A TAXPAYER R…”
|
TO EXEMPT FROM GROSS INCOME A GAIN BY A TAXPAYER RESULTING FROM THE ACQUISITION OF … | C. Penzo | Died in Senate Committee at Sine Die adjournment. |
|
SB233
· 1 mention in agenda
Matched: “…THE RIGHT OF EMINENT DOMAIN OR THE THREAT OF CONDEMNATION. SB233 C. Penzo TO AMEND THE INCOME TAX LAWS RELATING TO CERTAIN T…”
|
TO AMEND THE INCOME TAX LAWS RELATING TO CERTAIN TRUSTS; TO PRESERVE CERTAIN TRUST ASSETS; … | C. Penzo | Died in Senate Committee at Sine Die adjournment. |
|
SB256
· 1 mention in agenda
Matched: “…TRUST ASSETS; AND TO EXEMPT CERTAIN TRUSTS FROM INCOME TAX. SB256 J. Dotson TO AMEND THE ARKANSAS CORPORATE FRANCHISE TAX ACT…”
|
TO AMEND THE ARKANSAS CORPORATE FRANCHISE TAX ACT OF 1979; AND TO REDUCE THE MINIMUM … | J. Dotson | Died in Senate Committee at Sine Die adjournment. |
|
SB268
· 1 mention in agenda
Matched: “…REDUCE THE MINIMUM FRANCHISE TAX FOR CERTAIN CORPORATIONS. SB268 D. Wallace TO TRANSFER GENERAL REVENUE TO THE AGING AND ADU…”
|
TO TRANSFER GENERAL REVENUE TO THE AGING AND ADULT SERVICES FUND ACCOUNT TO BE USED … | D. Wallace | Died in Senate Committee at Sine Die adjournment. |
|
SB274
· 1 mention in agenda
Matched: “…RVICES BENEFITING THE ELDERLY; AND TO DECLARE AN EMERGENCY. SB274 D. Wallace TO CREATE A SALES AND USE TAX EXEMPTION FOR CERT…”
|
TO CREATE A SALES AND USE TAX EXEMPTION FOR CERTAIN ITEMS RELATED TO HUMAN BURIAL; … | D. Wallace | Died in Senate Committee at Sine Die adjournment. |
|
SB289
· 1 mention in agenda
Matched: “…A CASKET, BURIAL VAULT, OR MONUMENT FROM SALES AND USE TAX. SB289 J. Dotson TO CUT THE STATEWIDE SALES TAX RATE BY ONE-EIGHTH…”
|
TO CUT THE STATEWIDE SALES TAX RATE BY ONE-EIGHTH PERCENT TO REDUCE THE SURPLUS FUNDS … | J. Dotson | Died in Senate Committee at Sine Die adjournment. |
|
SB310
· 1 mention in agenda
Matched: “…REDUCE THE SURPLUS FUNDS COLLECTED FROM ARKANSAS TAXPAYERS. SB310 B. King TO ENABLE THE COMMISSIONER OF STATE LANDS TO CONDUC…”
|
TO ENABLE THE COMMISSIONER OF STATE LANDS TO CONDUCT CERTAIN BUSINESS ONLINE; AND TO AMEND … | B. King | Died in Senate Committee at Sine Die adjournment. |
|
SB316
· 1 mention in agenda
Matched: “…NER OF STATE LANDS MUST FOLLOW IN SELLING CERTAIN PROPERTY. SB316 B. Johnson TO AMEND THE SALES AND USE TAX LAWS CONCERNING R…”
|
TO AMEND THE SALES AND USE TAX LAWS CONCERNING REBATES; AND TO REQUIRE THAT SALES … | B. Johnson | Died in Senate Committee at Sine Die adjournment. |
|
SB318
· 1 mention in agenda
Matched: “…THAT SALES AND USE TAX REBATES BE ADMINISTERED AS REFUNDS. SB318 F. Love TO CREATE AN INCOME TAX EXEMPTION FOR CERTAIN INDIV…”
|
TO CREATE AN INCOME TAX EXEMPTION FOR CERTAIN INDIVIDUALS BASED ON INCOME AND AGE. | F. Love | Died in Senate Committee at Sine Die adjournment. |
|
SB338
· 1 mention in agenda
Matched: “…EXEMPTION FOR CERTAIN INDIVIDUALS BASED ON INCOME AND AGE. SB338 Hill TO PROVIDE SALES AND USE TAX EXEMPTIONS FOR STUDENT FA…”
|
TO PROVIDE SALES AND USE TAX EXEMPTIONS FOR STUDENT FARMERS; AND TO PROVIDE SALES AND … | Hill | Died in Senate Committee at Sine Die adjournment. |
|
SB377
· 1 mention in agenda
Matched: “…B1534 Schulz TO INCREASE THE HOMESTEAD PROPERTY TAX CREDIT. SB377 Hester TO CREATE THE GROCERY TAX RELIEF ACT; TO AMEND THE L…”
|
TO CREATE THE GROCERY TAX RELIEF ACT; TO AMEND THE LAW CONCERNING THE SALES AND … | Hester | Died in Senate Committee at Sine Die adjournment. |
|
SB394
· 1 mention in agenda
Matched: “…A DISABILITY OR A PERSON SIXTY-FIVE YEARS OF AGE OR OLDER. SB394 J. Bryant TO AMEND THE LAW CONCERNING THE ALLOCATION, DISTR…”
|
TO AMEND THE LAW CONCERNING THE ALLOCATION, DISTRIBUTION, AND USE OF REVENUES DERIVED FROM A … | J. Bryant | Died in Senate Committee at Sine Die adjournment. |
|
SB419
· 1 mention in agenda
Matched: “…58; AND TO EXEMPT GROCERIES FROM STATE SALES AND USE TAXES. SB419 G. Leding TO CREATE A SALES AND USE TAX EXEMPTION FOR CERTA…”
|
TO CREATE A SALES AND USE TAX EXEMPTION FOR CERTAIN SALES TO A CULTIVATION FACILITY. | G. Leding | Sine Die adjournment |
|
SB423
· 1 mention in agenda
Matched: “…TAX EXEMPTION FOR CERTAIN SALES TO A CULTIVATION FACILITY. SB423 J. Scott TO EXEMPT FROM THE INDIVIDUAL INCOME TAX EDUCATION…”
|
TO EXEMPT FROM THE INDIVIDUAL INCOME TAX EDUCATION SCHOLARSHIPS, AWARDS, AND GRANTS FROM NONPROFIT VOLUNTEER … | J. Scott | Died in Senate Committee at Sine Die adjournment. |
|
SB465
· 1 mention in agenda
Matched: “…AND GRANTS FROM NONPROFIT VOLUNTEER SERVICE ORGANIZATIONS. SB465 B. Davis TO PROVIDE FOR A SALES AND USE TAX REFUND FOR A SP…”
|
TO PROVIDE FOR A SALES AND USE TAX REFUND FOR A SPECULATIVE DEVELOPMENT PROJECT; AND … | B. Davis | Died in Senate Committee at Sine Die adjournment. |
|
SB526
· 1 mention in agenda
Matched: “…VE AGREEMENTS UNDER THE CONSOLIDATED INCENTIVE ACT OF 2003. SB526 Irvin TO PROHIBIT THE SALE OF DISPOSABLE VAPOR PRODUCTS FRO…”
|
TO PROHIBIT THE SALE OF DISPOSABLE VAPOR PRODUCTS FROM A PROHIBITED FOREIGN PARTY. | Irvin | Died in Senate Committee at Sine Die adjournment. |
|
SB558
· 1 mention in agenda
Matched: “…DISPOSABLE VAPOR PRODUCTS FROM A PROHIBITED FOREIGN PARTY. SB558 Crowell TO REQUIRE THE ELECTRONIC FILING OF CERTAIN CORPORA…”
|
TO REQUIRE THE ELECTRONIC FILING OF CERTAIN CORPORATE INCOME TAX RETURNS. | Crowell | Died in Senate Committee at Sine Die adjournment. |
|
SB57
· 1 mention in agenda
Matched: “…ELOCATE TO ARKANSAS. DEFERRED BILLS Number Sponsor Subtitle SB57 C. Tucker TO AMEND THE INCOME TAX CREDIT FOR CERTAIN INDIVI…”
|
TO AMEND THE INCOME TAX CREDIT FOR CERTAIN INDIVIDUAL POLITICAL CONTRIBUTIONS; AND TO AMEND A … | C. Tucker | Died in Senate Committee at Sine Die adjournment. |
|
SB7
· 1 mention in agenda
Matched: “…ELECTRONIC FILING OF CERTAIN CORPORATE INCOME TAX RETURNS. SB7 C. Penzo TO ALLOW MEMBERS OF THE GENERAL ASSEMBLY TO REQUES…”
|
TO ALLOW MEMBERS OF THE GENERAL ASSEMBLY TO REQUEST A SALES AND USE TAX REPORT … | C. Penzo | Died in Senate Committee at Sine Die adjournment. |
|
SB73
· 1 mention in agenda
Matched: “…E ARKANSAS CODE THAT RESULTED FROM INITIATED ACT 1 OF 1996. SB73 B. Johnson TO CREATE THE ACCESS TO CREDIT FOR OUR RURAL ECO…”
|
TO CREATE THE ACCESS TO CREDIT FOR OUR RURAL ECONOMY (ACRE) ACT; AND TO PROVIDE … | B. Johnson | Died in Senate Committee at Sine Die adjournment. |
|
SB82
· 1 mention in agenda
Matched: “…IDE AN INCOME TAX DEDUCTION FOR CERTAIN AGRICULTURAL LOANS. SB82 J. Payton TO INCREASE THE SALES AND USE TAX EXEMPTION FOR U…”
|
TO INCREASE THE SALES AND USE TAX EXEMPTION FOR USED MOTOR VEHICLES; AND TO AMEND … | J. Payton | Died in Senate Committee at Sine Die adjournment. |
Machine transcript
May contain errors. Verify important quotations against the official video.
About transcript accuracy
- Source
- SliQ live captions
- Model
- SliQ live ASR
- Processing date
- October 2, 2026
Chair (Senator Jimmy Hickey, Jr)
Unverified
0:09
Uh, uh, the way that they're popping up here. First one is House Bill 1809. Is there anyone here to present it? Senator McKee, you're going to do it. You
Senator Jimmy Hickey, Jr
Unverified
0:24
need anyone to come with you or you're doing it by yourself. Alright, good deal. If you would just uh recognize yourself and then
Senator Matt McKee
Unverified
0:31
you'll, you can begin. Thank you, Mr. Chair. Matt McKee, State Senate District 6. Uh, this is a bill presented at the request of the tax collectors. There's been an
issue with disabled veterans with respect to the homestead exemption on their primary residence for a multitude of reasons, a disabled veteran's primary residence can be held in a revocable trust, irrevocable trust, or an LLC, as long as the trust or LLC names the disabled veteran as a beneficiary or a sole member, the disabled veteran will be able to claim the homestead exemption for their primary residence. I'd be happy to take any questions or bring somebody up if I need to. OK.
Chair (Senator Jimmy Hickey, Jr)
Unverified
1:08
Any members have any questions in regards to this one?
Senator Jimmy Hickey, Jr
Unverified
1:12
He went on the committee. anyone from the audience want to speak for, for the bill. Anyone will speak against the bill? You want to close or are you closed? I'm closed. Appreciate a good vote. All right, what do we have a motion from the
committee, we have a motion from Senator Hester. We have a second from Senator Crow. Is there any discussion on the motion? All they ever say I. Any oppose? It'll pass.
Chair (Senator Jimmy Hickey, Jr)
Unverified
1:42
Thank you, Mr. Chairman. Yes, sir. All right, the next one that we have on our active agenda is going to be 13 House Bill 1937. I want to tell, tell members to this House Bill 1685 is coming up, uh, I've made a mistake on that particular one, and it shouldn't be on our active agenda as of right now because we've kind of got an agreement. So that's a mistake of mine. Uh, so I've
asked staff to move that back to deferred for for the moment. Do not interpret that, that it might not come back on there. OK, Senator Stone, uh, you recognized, just
Senator Matt Stone
Unverified
2:27
introduce yourself. Um, Matt Stone, state senator District 2. Members, this is a bill that will clarify existing law for assessors and taxpayers and agencies on the valuation of gas wells. Uh, 2 sessions ago there was a law passed that clarified how
oil wells would be taxed by the county assessors, and this is just amending or not mending but just clarifying the gas wells should be taxed in the same manner, county assessors in different counties are taxing at different rates, so this is to clarify there's that there's uniformity on tax wells when they're being assessed with that, I'm open to any questions. Oh, also this is a net revenue neutral to the state. OK.
Speaker 15
3:16
Any members have any questions in regards to this? OK,
Senator Jimmy Hickey, Jr
Unverified
3:24
anyone from the audience want to speak for the bill. Anyone want to speak against the bill. clothes cinder. I'm closed for
Senator Matt Stone
Unverified
3:33
the bill. I'd appreciate a good vote. I do. Uh,
Senator Jimmy Hickey, Jr
Unverified
3:35
we got a motion from Senator Crow to pass. We got a 2nd from Senator Hester. Any discussion on the motion? All in favor, say I. Can you oppose?
OK, that motion carries, so your bill's passed. Yes, sir. OK, again, uh, House Bill 1685 should not be on there at the moment.
Chair (Senator Jimmy Hickey, Jr)
Unverified
3:56
House Bill 1627. Anyone here to present it? House Bill 1627. I don't think there's a Senate sponsor listed on there, so I don't. 16 1627.
Senator Jonathan Dismang
Unverified
4:18
You want to do it, Senator Dimay? Syno John Dima District 18 just help move things along. I mean, if I read the bill just a minute ago, I think all it does is require that county's notified that folks are eligible for a homestead tax credit. Yeah Any, any questions on this bill? From the committee.
Senator Jimmy Hickey, Jr
Unverified
4:50
You want to speak for it. Anyone will speak against it. You close, Senator.
We have a motion due passed by Senator Crow. We have a second by Senator Caldwell. Any discussion on the motion. All in favor say aye. Any oppose? OK, that
Chair (Senator Jimmy Hickey, Jr)
Unverified
5:07
bill is also passed. OK, the next one is House Bill 1485, Representative Brown, that's the one you're going
to present, correct? Yes OK. Good to have you.
You know, the drill, I think just to push your button and introduce yourself and then you can
Representative Matt Brown
Unverified
5:35
begin when you want. This is House Bill 1485 members. Thank you, Mr. Chair. House Bill 1485. is a bill to I brought the wrong bill with me. But I know what it is. It's a bill to allow um organization nonprofits who support the Like the
facilities, I'm going to call it facilities like Veterans Home are veterans Cemetery and things like that that Arkansas Department of Veterans Affairs manages or is in control of. Um, I am most familiar with the foundation that was established for the North Little Rock Cemetery, um last year, our total sales tax expenditure was $3000. so we're not talking about a huge amount of money. Our, our
foundation for the Northland Rock Cemetery is probably the most active foundation. There is a foundation established for the cemetery up at Verda, but I know that there's thoughts of creating an umbrella organization to address all the different Arkansas Department of Veterans Affairs facilities. Sometimes they need things that are not in the budget and for instance with the veterans Cemetery in North Little Rock, we actually initiated something that the ADA
did not we now for several years now have placed wreaths on all of the graves at Christmas time, um. It's Not a huge expenditure, but it it does cost money and we've been dependent upon individual contributions over the years, but since COVID all the pretty much the individual contributions have pretty much fallen off and so this would be a big help to us and any other nonprofit that supports ADA facilities.
Chair (Senator Jimmy Hickey, Jr)
Unverified
7:33
OK, you finished. Yes, sir. OK. any questions by the members of the committee? Senator Petty, you're recognized,
Senator Jim Petty
Unverified
7:42
sir. Just a clarification question, you said that you, your organization had $3000. Was that in sales tax payments or is that in purchases? That was sales tax payments that
Representative Matt Brown
Unverified
7:53
our treasurer informed me of that. I am not on the executive committee. I stepped away from that when I ran for public office. Thank you.
Senator Jimmy Hickey, Jr
Unverified
8:04
Any other questions in regards to this one? Hey, is there anyone from the audience here to speak for the bill? Against the bill
Representative Matt Brown
Unverified
8:20
Do you want to close? Yes, sir, I'm closed and I just learned this morning that all the flags that were placed have all been destroyed by the storm, so we will be placing buying all new flags, and I am close for my Alright, thank you, Representative
Senator Jimmy Hickey, Jr
Unverified
8:31
Brown. Uh. Do we have a motion on this bill?
Unknown speaker
8:36
We have a motion. We do. Sorry you failed for lack of emotion. Thank you. Yes, ma'am. Thank you for being here. OK, members, the next one is House Bill 1922.
Senator Jonathan Dismang
Unverified
9:11
Senator dismay, you're gonna present it. Senator Jonathan Dima District 18, and I'll bring folks with ADC up
Chair
Unverified
9:27
to help explain. Just go ahead, Rick. Good morning, Clint O'Neill, AEC, OK, you're recognized Senators this creates a
Senator Jonathan Dismang
Unverified
9:34
tax credit form of sales for. it's related back to the reallocation or someone relocates their corporate headquarters to Arkansas. They'd
be eligible for a 10% sales tax credit for use of a project costs as well as eligible for an income tax credit up to 50% of the taxable wages of a new full-time employees. There's a tiered look at this and he can explain that further. It does require a cost benefit analysis does have provisions for clawbacks and requires a look by DFA. Do you have anything you wanna add, Mr. O'Neal? Thank you, sir. Yes, this would be a
Speaker 43
10:14
An opportunity to recruit a corporate headquarters would be a very unique scenario. The tier structure we have a tier system in place now, Tier 1 counties, which are highest per capita income, highest population growth down to Tier 4 counties, which are counties represented by those with lower per capita income and lower or decreasing populations. So in the tier one counties would require 300 net new jobs at 150% of the lesser of the
state or county average wage down to Tier 4, which would require 150 net new jobs at 110% of the state or county average wage. So this, this is, this is not an everyday opportunity. In fact, it's been, it's been decades since we've recruited the relocation of a corporate headquarters of this size. This would give us a tool in our Economic development toolbox to compete when we have opportunities where companies come in and they say Texas doesn't have a corporate income tax. Tennessee doesn't have a
corporate income tax, but here in Arkansas you have a favorable business climate, have great workforce initiatives, everything else is going for you, um, but there's an issue with corporate income tax, so this would put us on a level playing field to be able to compete with states like Texas and Tennessee. I'm not saying if we pass this we'd be able to use it. In the next year, in the next 2 years, but it would give us an excellent tool in our in our toolbox to be able to compete for these type of projects.
Senator Ronald Caldwell
Unverified
11:47
Any questions? Senator Caldwell. I'm just trying to get an understanding of it. I'm in favor of it, not, but the 10% is that ongoing every year, the, the credit or or is this a one-time credit or or 5-year creditor what are we looking at? They're not
Speaker 11
12:08
sellable and they, I mean, they, they only can carry forward. That's right. So it's, it's really the point is to set up a scenario where a
Speaker 43
12:19
corporation would not pay state corporate income taxes for 5 years. That's fine.
Senator Ronald Caldwell
Unverified
12:23
I'm just, I didn't know if it was ongoing, unlimited, or but but it's a 5 year process and then a and then a sliding scale for the next if they earn the credit, they keep it until they use it, but to say it's a sliding scale, so that years from now they may still have a incentive on this is what you're saying? Well, After the 5 year period of
Speaker 43
12:49
setting offsetting 100% of their corporate income tax and then sliding scale for 5 years and then the program's
Speaker 50
12:54
over. So after 10 years, no I just want clarification. That's fine. Thank you. Senator Hammer, did, did you have a question
Senator Jimmy Hickey, Jr
Unverified
13:03
or? OK. Any other members have a question on this? I have one. I'm just trying to
get my head around. So, um, on the part about the 100%, 50% of the county or or state average hourly wage for the county.
What, what are you doing there? Are you using the state employees of the of the county or how does that how does
Speaker 43
13:29
that work? I just want to understand it. Yeah, it comes from a federal data source. It's, it's all public and private sector employees, you know, where if you had a maybe a tier 4 county where the county average wage was lower than the state average wage, it would still allow for this program to kick in if it was 110% of the county.
which may be less than the state average wage, where you may have some counties obviously where the county average wage is higher than the state, but it would still require the percentage that that tier requires above the state average wage, but no, sir, it's, it's, it comes from, you know, it's, it's updated year by year and it's, it's a total collection of wage data. OK, so it's a lesser of
Senator Jimmy Hickey, Jr
Unverified
14:14
I'm just gonna use the tier one, lesser of 150% of the county or state average wage rate. So what
you're telling me is that county or state average wage rate is that published report that you're getting for both of those or are they combined or is that, is that what that is, a combination? No, sir, it's
Speaker 43
14:33
different wage data. So for 75 counties you would have the county average wage for each one, and obviously the consistent state average wage we'd look at the lesser of each and then whether you're hitting that threshold. Fair enough. All right. Thank
Senator Jimmy Hickey, Jr
Unverified
14:47
you. Thank you for the explanation. OK, members, any other questions in regards to that?
OK, anyone from the audience want to speak for this bill. Anyone want to
speak against this bill? You want to close Senator Dimain. He's closed. What's the will of the committee? We've got, I've got Senator Crow for motion to pass. I'm gonna take Senator Hester as a second if that's OK. Any discussion on this motion? OK, all in favor say aye. Any oppose? OK, that's, uh, congratulations, that bill's passed. OK,
members, I believe that that is it. Unless anybody else has anything else they want to bring before the body. OK, with that, we're adjourned.
Agenda
CALL TO ORDER - Senator Jimmy Hickey
REGULAR AGENDA
HB1809 Warren TO ALLOW FOR PROPERTY OWNED BY A TRUST OR A LIMITED LIABILITY COMPANY TO QUALIFY AS A HOMESTEAD FOR PURPOSES OF THE PROPERTY TAX EXEMPTION FOR DISABLED VETERANS IN CERTAIN CIRCUMSTANCES.
HB1937 Jean TO AMEND THE METHOD OF VALUATION FOR MINERAL RIGHTS UNDER ARKANSAS CONSTITUTION, ARTICLE 16, § 5; AND TO CLARIFY THE METHOD OF VALUATION FOR OIL AND GAS WELL PRODUCTION EQUIPMENT.
HB1627 Barnett TO AMEND THE LAW CONCERNING PROPERTY TAX RELIEF; AND TO REQUIRE COUNTIES TO PROVIDE NOTICE TO TAXPAYERS CONCERNING CERTAIN PROPERTY TAX RELIEF OFFERED UNDER ARKANSAS LAW.
HB1485 K. Brown TO CREATE A SALES AND USE TAX EXEMPTION FOR SALES TO CERTAIN ORGANIZATIONS THAT SUPPORT VETERANS' FACILITIES.
HB1922 Maddox TO AMEND THE CONSOLIDATED INCENTIVE ACT OF 2003; TO CREATE AN INCOME TAX CREDIT FOR RELOCATING CORPORATE HEADQUARTERS TO THIS STATE; AND TO ENCOURAGE CORPORATIONS TO RELOCATE TO ARKANSAS.
ADJOURNMENT
Documents
| Title | Type | Pages | Source |
|---|---|---|---|
| Agenda — REVENUE & TAX - SENATE, Apr 9, 2025 | Agenda | 3 | Official source ↗ |
Speakers
Chair (Senator Jimmy Hickey, Jr)
Unverified
Senator Jimmy Hickey, Jr
Unverified
Senator Matt McKee
Unverified
Senator Matt Stone
Unverified
Speaker 15
Senator Jonathan Dismang
Unverified
Representative Matt Brown
Unverified
Senator Jim Petty
Unverified
Chair
Unverified
Speaker 43
Senator Ronald Caldwell
Unverified
Speaker 11
Speaker 50