Significant Small Business Tax Relief Bills Pending in the Arkansas Legislature: Coronavirus Aid and SALT Deduction Parity

Two significant proposals for tax relief for small businesses are making their way through the Arkansas General Assembly that promise hundreds of millions of dollars of tax relief: (1) conformity to federal tax exemptions for PPP loan forgiveness and other coronavirus aid and (2) creating an elective tax regime to allow federal deductibility of Arkansas income tax. Similar proposals are being adopted in other states. Interested small business taxpayers should consult with their tax advisors about the potential benefits and may wish to contact their legislators about supporting the bills. [More]