Arkansas HB1026: TO CREATE THE ARKANSAS PROMISE ACT; AND TO CREATE AN INCOME TAX CREDIT FOR TUITION PAID FOR AN ELIGIBLE STUDENT AT A PUBLIC INSTITUTION OF HIGHER EDUCATION

What the bill says

An act to be entitled an act to create the arkansas promise act; to amend the individual income tax laws; to create an income tax credit for tuition for an eligible student at a public institution of higher education; and for other purposes. subtitle to create the arkansas promise act; and to create an income tax credit for tuition paid for an eligible student at a public institution of higher education.

From the introduced text:

An Act To Be Entitled AN ACT TO CREATE THE ARKANSAS PROMISE ACT; TO AMEND THE INDIVIDUAL INCOME TAX LAWS; TO CREATE AN INCOME TAX CREDIT FOR TUITION FOR AN ELIGIBLE STUDENT AT A PUBLIC INSTITUTION OF HIGHER EDUCATION; AND FOR OTHER PURPOSES. Subtitle TO CREATE THE ARKANSAS PROMISE ACT; AND TO CREATE AN INCOME TAX CREDIT FOR TUITION PAID FOR AN ELIGIBLE STUDENT AT A PUBLIC INSTITUTION OF HIGHER EDUCATION. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: SECTION 1. Arkansas Code Title 26, Chapter 51, Subchapter 5, is amended to add an additional section to read as follows: 26-51-518. Arkansas Promise Act -- Higher education tuition income tax credit -- Definition. (a) This section shall be known and may be cited as the "Arkansas Promise Act". (b) As used in this section, "tuition" means charges levied for attendance at a public two-year or four-year institution of higher education. (c) There is allowed an income tax credit against the income tax imposed by this chapter in the amount paid by a taxpayer as tuition for the taxpayer or the taxpayer's dependent not including tuition paid through any scholarship or grant, subject to the limitations of subsection (d) of this *CEB026* 01-16-2025 14:52:54 CEB026 As Engrossed: H1/16/25 HB1026 section. (d) To claim the income tax credit …

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Sponsors

• Andrew Collins (D, 73) · primary sponsor
• (D, 79)