HB1814
To Create An Income Tax Check-off Program For The Arkansas Veterans Cemetery Foundation; And To Create A Sales And Use Tax Exemption For Sales To The Arkansas Veterans Cemetery Foundation.
Last Action (May 1, 2023): Died in House Committee at Sine Die Adjournment
Sponsors
AI-Generated Summary
House Bill 1814 amends Arkansas tax law to provide new financial support for the Arkansas Veterans Cemetery Foundation. First, it establishes an income tax check-off program that allows individual and corporate taxpayers to designate a portion of their tax refunds or provide additional contributions to the Foundation. Second, it grants the Arkansas Veterans Cemetery Foundation a sales and use tax exemption for the purchase of tangible personal property, specified digital products, digital codes, or services. The income tax check-off component is intended to be supplemental to any existing state appropriations for the Foundation. These provisions are designed to streamline the ability of taxpayers to donate to the Foundation while reducing the organization's operational costs through tax relief.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiary is the Arkansas Veterans Cemetery Foundation, which will receive increased funding through public donations and lower operational costs due to the sales and use tax exemption. Veterans and their families who utilize the state cemetery facilities may also benefit indirectly, as the additional funding and tax relief could help maintain, improve, or expand the services and grounds provided at state veterans cemeteries.
Who Might Suffer?
The primary entity negatively impacted is the State of Arkansas, which will experience a reduction in total tax revenue due to the new sales and use tax exemption granted to the Foundation. Additionally, the Department of Finance and Administration may face minor administrative burdens associated with updating tax forms and managing the accounting and certification of the new income tax check-off program.
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