The Arkansas Legislature and Your Money

The Arkansas Legislature is also taking on tax breaks. The Governor only wants the sales tax on groceries reduced, but a few in the Congress have other ideas. Here they are for you to see.
HB1002
This gets rid of the State’s Capital Gains Tax. If this passes then any investment in stocks, mutual funds and property will not be taxed. You take the risk, and reap the rewards without the State fleecing you by skimming of the top. The State loses 44.5 Million, and the public keeps it instead.
HB1023
If you served in the military then you not be taxed on the first 6,000$ of your retirement in the beginning year up to 35,000$ by 2016.  The State loses 3.4 Million, and the public keeps it instead.
HB1025
1,000$ Tax credit a year people with kids 4 years and younger.  The State loses 8.4 Million, and the public keeps it instead.
HB1030
A tax credit for 25% of tuition costs.  The State loses 57.2 Million, and the public keeps it instead.
HB1031
Manufacturers get an exemption of electricity and natural gas taxes on their bills. A fine idea. Don’t tax producers, tax consumption, that way everyone pays in. The State loses 21 Million, and the public keeps it instead.
HB1033
Tax holiday for a limited time on clothing for back to school. The State loses 1.9 Million, and the public keeps it instead.
HB1034
Dietary supplements to be taxed at the lower rate as food by redefining the definition of food. That’ll help me with my multivitamins, fish oil, magnesium, and vitamin D.  The State loses 4.5 Million, and the public keeps it instead.
HB1035
To exempt the taxes on parts and repair of equipment from the Gross Receipts and Use tax.  The State loses 10.3 Million, and the public keeps it instead.
HB1037
A tax credit for 20% of the prices for renewable resource equipment that replaces traditional energy sources. The State loses 3.6 Million, and the public keeps it instead.
HB1052
Instead of eliminating the energy taxes like HB1031, this just decreases it to 2.625%.  The State loses 4.2 Million, and the public keeps it instead.
HB1056
If you file Head of Household with 2 or more dependents, and make between $18,101 and $22,200, adjusted annually for cost of living, you get a tax exemption.  The State loses 3.7 Million, and the public keeps it instead.

It’s amazing how many pots the State Government has it’s greedy fingers in, added up in the first year these take affect, the citizens of Arkansas get to keep 158.5 million dollars, not counting HB1052. These aren’t laws yet, it’s up to you to call your Representatives, and tell them to push these through. Call them at  (501)682-6211.

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