TO ALLOW A DEDUCTION FOR CERTAIN QUALIFIED BUSINESS EXPENSES UNDER THE INCOME TAX ACT OF 1929.

HB 1910 proposes to allow a deduction for certain qualified business expenses under the Arkansas Income Tax Act of 1929. The bill specifically adopts Title 26 U.S.C. § 199A(a)-(h) of the federal tax code, which pertains to the deduction for qualified business income, for use in computing Arkansas income tax liability. This change would directly affect businesses and individuals with qualified business income in Arkansas, potentially reducing their state tax obligations. If passed, the provisions would be effective for tax years beginning on or after January 1, 2025.