Arkansas 2023 First Extraordinary Session Status: Enacted

SB 8 — 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.

Last action — Notification that SB8 is now Act 6

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed House
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced September 11, 2023. Enacted.

Signed by Governor Sarah Huckabee Sanders (Republican) on September 15, 2023.

Prognosis

Advancing 60% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 65 sponsors

    2 primary, 63 co-sponsors signed on.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Bill Text

What changed in the latest version

1 added · 2 removed

Plain-language change summary

In the new version of SB 8, a specific reference to "Act 6 of the First Extraordinary Session" has been removed. This change simplifies the bill by eliminating the need to refer to that earlier act, which could make it easier to understand and implement. It matters because removing outdated references can help prevent confusion and streamline the legislative process.

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Act 6 of the First Extraordinary Session State of Arkansas As Engrossed:
State of Arkansas As Engrossed:
Dismang APPROVED:
Dismang 7 09-11-2023 15:25:18 JLL395
9/14/23 7 09-11-2023 15:25:18 JLL395
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How this bill changes current law

4 changes Share ↗

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

This bill amends Arkansas income tax laws to reduce tax rates for individuals, trusts, estates, and corporations, and introduces a new inflationary relief income tax credit for certain taxpayers.

  • Arkansas Code § 26-51-201(a)(3)

    Every resident, individual, trust, or estate having net income less than or equal to eighty-seven thousand dollars ($87,000) → For tax years beginning on or after January 1, 2024: Every resident, individual, trust, or estate having net income less than or equal to eighty-seven thousand dollars ($87,000)

    Clarifies the applicability of the income tax rate for net income under $87,000 starting in 2024.

  • Arkansas Code § 26-51-205(a)

    For tax years beginning on or after January 1, 2024, every corporation organized under the laws of this state shall pay annually an income tax with respect to carrying on or doing business on the entire net income of the corporation, as now defined by the laws of this state, received by the corporation during the income year.

    Establishes a new income tax rate structure for corporations starting in 2024.

  • Arkansas Code § 26-51-205(b)

    For tax years beginning on or after January 1, 2024, every foreign corporation doing business within the jurisdiction of this state shall pay annually an income tax on the proportion of its entire net income as now defined by the income tax laws of this state.

    Establishes a new income tax rate structure for foreign corporations doing business in Arkansas starting in 2024.

  • The income tax credits allowed under subdivisions (b)(1) and (2) of this section shall not be claimed by a taxpayer: (1) For any tax year other than the tax year beginning on January 1, 2023; or (2) Who files a nonresident return or a part-year resident return.

    Specifies eligibility limitations for claiming the new inflationary relief income tax credits.

Amendments

1 amendment

Click Show changes on an amendment above to see how it modifies the bill.

Action History

  1. Notification that SB8 is now Act 6

  2. DELIVERED TO GOVERNOR.

  3. Reported correctly enrolled and ordered delivered to the Governor.

  4. ORDERED ENROLLED

  5. Returned from the House as passed.

  6. Returned To the Senate as passed.

  7. EMERGENCY CLAUSE ADOPTED

  8. Read the third time and passed and ordered transmitted to the Senate.

  9. Returned by the Committee Do Pass

  10. Read the first time, rules suspended, read the second time and referred to the Committee on REVENUE & TAXATION- HOUSE

  11. RECEIVED FROM THE SENATE

  12. Ordered immediately transmitted to the House.

  13. EMERGENCY CLAUSE ADOPTED

  14. Read the third time and passed.

  15. REPORTED CORRECTLY ENGROSSED

  16. Amendment # 1 read the first time, rules suspended, read the second time and adopted, ordered engrossed.

  17. Placed on second reading for purpose of amendment.

  18. Rules suspended.

  19. Returned by the Committee with the recommendation that it Do Pass as amended, Amendment # 1

  20. Rules suspended.

  21. Read first time, rules suspended, read second time, referred to REVENUE & TAX - SENATE

  22. Filed

Sponsors

Sponsorship breakdown

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2 sponsors · 63 co-sponsors · 73 not signed on

Sponsors (2)

Co-sponsors (63)

Not signed on (73)

73 members have not signed on to this bill.

Show all 73 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

Who sponsors SB 8?
SB 8 is sponsored by Clint Penzo, John Payton, Matt McKee, Blake Johnson, Missy Irvin, Ricky Hill, Bart Hester, Kim Hammer, Ben Gilmore, Scott Flippo, Jane English, Jim Dotson, Tyler Dees, Breanne Davis, Steve Crowell, Alan Clark, Ronald Caldwell, Joshua Bryant, Justin Boyd, Jimmy Hickey, Jr, Jim Wooten, Wing, Watson, Les Warren, Jeff Wardlaw, DeAnn Vaught, Steve Unger, Kendon Underwood, Dwight Tosh, Johnny Rye, Ryan A. Rose, David Ray, Brit McKenzie, Rick McClure, Mindy McAlindon, John Maddox, Roger D. Lynch, Robin Lundstrum, Wayne Long, Jack Ladyman, Steve Hollowell, RJ Hawk, Haak, Jimmy Gazaway, Tony Furman, Fortner, Cindy Crawford, Cameron Cooper, Frances Cavenaugh, Rebecca Burkes, Karilyn Brown, Keith Brooks, Rick Beck, Howard M. Beaty, Jr., Wade Andrews, Matthew J. Shepherd, Les D. Eaves, Jonathan Dismang, Mark Johnson, Dave Wallace, Dan Sullivan, Matt Stone, Terry Rice, Jim Petty, and M. Berry.
What is the current status of SB 8?
This bill has been enacted into law. Introduced September 11, 2023. Enacted.
Where can I track SB 8?
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