Arkansas HB1438: TO CREATE AN INCOME TAX CREDIT FOR TAXPAYERS SIXTY-FIVE AND OLDER IN AN AMOUNT EQUAL TO THE TAXPAYER'S PROPERTY TAX PAYMENT ON A HOMESTEAD

What the bill says

An act to be entitled an act to amend the state income tax laws; to create an income tax credit for taxpayers sixty-five and older in an amount equal to the taxpayer's property tax payment on a homestead; and for other purposes. subtitle to create an income tax credit for taxpayers sixty-five and older in an amount equal to the taxpayer's property tax payment on a homestead.

From the introduced text:

An Act To Be Entitled AN ACT TO AMEND THE STATE INCOME TAX LAWS; TO CREATE AN INCOME TAX CREDIT FOR TAXPAYERS SIXTY-FIVE AND OLDER IN AN AMOUNT EQUAL TO THE TAXPAYER'S PROPERTY TAX PAYMENT ON A HOMESTEAD; AND FOR OTHER PURPOSES. Subtitle TO CREATE AN INCOME TAX CREDIT FOR TAXPAYERS SIXTY-FIVE AND OLDER IN AN AMOUNT EQUAL TO THE TAXPAYER'S PROPERTY TAX PAYMENT ON A HOMESTEAD. 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. Credit for homestead property tax paid. (a) There is allowed an income tax credit against the income tax imposed by this chapter in the amount determined under subsection (b) of this section for a taxpayer who is at sixty-five (65) years of age or older during the tax year. (b) The amount of the income tax credit allowed under subsection (a) of this section is equal to the amount of real property tax paid by the taxpayer during the tax year on the taxpayer's homestead minus any amount paid by the taxpayer for delinquent property tax or penalties on delinquent property tax during the past year. (c) If the amount of the income tax credit allowed under this section …

Read the full official text

Sponsors

• Frances Cavenaugh (R, 30) · primary sponsor

Latest actions

1. May 5, 2025: Died in House Committee at Sine Die adjournment.
2. February 10, 2025: Read the first time, rules suspended, read the second time and referred to the Committee on REVENUE & TAXATION- HOUSE
3. February 10, 2025: Filed

Common questions

What is HB1438?

HB1438 is a bill in the Arkansas Legislature (95th General Assembly (2025 Regular)): TO CREATE AN INCOME TAX CREDIT FOR TAXPAYERS SIXTY-FIVE AND OLDER IN AN AMOUNT EQUAL TO THE TAXPAYER'S PROPERTY TAX PAYMENT ON A HOMESTEAD.

What does HB1438 do?

In its own words: An act to be entitled an act to amend the state income tax laws; to create an income tax credit for taxpayers sixty-five and older in an amount equal to the taxpayer's property tax payment on a homestead; and for other purposes. subtitle to create an income tax credit for taxpayers sixty-five and older in an amount equal to the taxpayer's property tax payment on a homestead.

What is the status of HB1438?

Failed as of May 5, 2025. Latest action: Died in House Committee at Sine Die adjournment. (May 5, 2025).

Who sponsored HB1438?

Frances Cavenaugh (R, 30).

Where is the official record for HB1438?

On the Arkansas Legislature website: https://www.arkleg.state.ar.us/Bills/Detail?ddBienniumSession=2025%2F2025R&measureno=HB1438