Several new state laws passed by the Arkansas Legislature in 2013 went into effect Wednesday.
This New Year includes the introduction of some laws which provide tax breaks and phase in income and capital gains tax cuts . Act 1459 will gradually cut rates for all income tax brackets by one-tenth of one percent by 2015. It’s been estimated to reduce annual state revenue by $55 million by FY 2016.
Act 1488 will exempt any capital gains income past $10 million from taxation by the state. It’s been estimated to reduce state revenue by $24 million in FY 2016. Also, Act 1441 provides sales tax exemptions on utilities purchased by large scale industrial agriculture facilities. Several Acts going into effect create new special state license plates.
A voter id law, requires voters to present photo identification at their polling place. Act 1520 mandates that “mineral producing interests,” such as natural gas drilling sites, have their property values reappraised annually for tax purposes.