SB386
To Repeal The Law Requiring The Secretary Of The Department Of Finance And Administration To Submit A Report Concerning Changes Made In Federal Income Tax Laws And Regulations.
Last Action (March 5, 2025): Sine Die adjournment
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AI-Generated Summary
Senate Bill 386 proposes an amendment to the Arkansas Code to repeal the requirement for the Secretary of the Department of Finance and Administration to submit an annual report regarding federal income tax law changes. Currently, the Secretary is mandated to monitor federal tax law shifts to analyze their impact on Arkansas tax law and report findings to the House and Senate Committees on Revenue and Taxation. The bill removes the specific statutory obligation for these reports to be filed with the legislature. The core function of the legislation is to reduce administrative reporting burdens within the Department of Finance and Administration.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiary is the Department of Finance and Administration, which will experience a reduction in administrative tasks and reporting requirements. Legislative staff and committee members may also benefit from a streamlined process if the reports are no longer deemed necessary for their oversight functions.
Who Might Suffer?
The primary groups negatively impacted are the members of the House Committee on Revenue and Taxation and the Senate Committee on Revenue and Taxation, as they will no longer receive the formal annual report detailing the impact of federal tax changes on state law. This could theoretically reduce the availability of prepared information for legislators tasked with evaluating state tax policy in relation to federal standards.
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