TO CREATE AN INCOME TAX EXEMPTION FOR CERTAIN INDIVIDUALS BASED ON INCOME AND AGE.

Senate Bill 318 proposes to create a new income tax exemption in Arkansas. This exemption would apply to individuals who are at least 65 years old. To qualify, an individual's annual gross income must not exceed $25,000 for the tax year. If enacted, this change would take effect for tax years beginning on or after January 1, 2026.