AEDC Proposes Railroad Maintenance Credit Emergency Rule and Amendments to Motion Picture and Digital Product Credit Rule

The Arkansas Economic Development Commission, part of the Department of Commerce, has been diligently updating its rules to reflect credits and incentives legislation from the 2021 legislative session. Two proposed rulemakings are underway for specific industry credits:

An emergency rule for the Railroad Modernization Act of 2021, which created a transferrable income tax credit for 50% of qualifying track maintenance costs on regional and short line (Class II and Class III) railroads.
A proposed rulemaking for the amendments to the Digital Product and Motion Picture Industry Development Act, which generally enhanced the incentives available and also made them discretionary.
Interested businesses and their advisers should review and may wish to comment on these proposals. [More]

Arkansas to 4.9%: Comprehensive Tax Cut Legislation Introduced in the General Assembly Special Session

The Arkansas General Assembly reconvenes on December 7 for its Second Extraordinary Session, with a principal purpose of cutting income taxes. Identical bills SB1 (Dismang) and HB1001 (Maddox) have been filed with large majorities of both chambers signed up as cosponsors. The bills are expected to move quickly through the legislature. They will provide phased in top rate cuts, bracket harmonization yielding further relief for the middle class, and other reforms. It is expected to be the largest tax cut in Arkansas history. [More]

Buy Computers and Phones Tax Free: Expanded Sales Tax Holiday Coming Up August 7-8

Arkansas consumers in the market for computers, tablets, smartphones, and printers should consider buying this coming weekend, August 7-8, as the state's customary sales tax holiday has been expanded to include these electronic devices. Individuals and even businesses may even be interested in doing some buying on the weekend to take advantage of the temporary tax exemption. [More]