TO CREATE AN INCOME TAX CREDIT FOR QUALIFIED STORM SHELTERS.

HB 1366 sought to create an income tax credit for Arkansas taxpayers who install qualified storm shelters at their primary residence. The bill defined "qualified storm shelters" as those capable of withstanding an EF5 tornado and meeting FEMA criteria, installed on or near the taxpayer's single-family home. Taxpayers could claim a credit equal to the lesser of 50% of the cost or $3,000, which would be capped at a total of $2,000,000 statewide per calendar year and issued on a first-come, first-served basis. To receive the credit, taxpayers would file an informational report with the Division of Emergency Management.