New Arkansas Laws For 2023 And How They Affect You
As the new year takes shape in the Great State of Arkansas there is a lot to look forward to, a new Governor for instance, but for the outgoing Asa Hutchinson administration and last year's legislative session, there are still several laws going into effect in 2023.
Personal Income Taxes
Your individual income taxes in Arkansas will be dropping a bit in 2023, the top tax rate is decreasing from 5.3% to 4.9%. Not a huge drop, but it is significant considering it takes the Arkansas income tax rate to the lowest it has ever been in state history.
Anytime you let people keep more of what they earn, that's a good thing.
Business Income Taxes
Corporations based in Arkansas will see a top tax reduction in the state from 5.9% down to 5.3%.
Teachers Pay Raises
The timeline hasn't been established yet but Governor Asa Hutchinson recommended teacher salary increases of $4000 per year to go into effect sometime this year. Exactly when, will be established during the legislative session which begins next Monday, January 9.
Election Contribution Limits
You read that right, a new maximum has been set up to limit how much an individual can contribute to any state or local campaign in Arkansas. The maximum is $2700 per candidate, per election. Even if that person is running for more than one office, you can only contribute a maximum of $2700 to that person during that election cycle no matter how many offices they may be running for.
State Income Tax Disputes
You may or may not be able to fight Uncle Sam, but the state of Arkansas has given you a way to get your voice heard when it comes to income tax disputes between the taxpayers and the state. It's called the Tax Appeal Commission.
Mental Health Awareness Training has been added to the School Safety Act which came along after the Uvalde, Texas school shooting. The training will be updated and continued every four years.
Health insurance coverage for state and public school employees will include morbid obesity treatment, including but not limited to Gastric Bypass Surgery.