House Bill

HB1016:

Removing the cap on cost of living adjustment due to inflation

Sponsor

Bill Primary sponsors

Ray

Cosponsors

Filed: 1/9/2023 1:52:52 PM

Original Title

Removing the cap on cost of living adjustment due to inflation

Summary

What it does

Functionally, this would reduce the amount of income tax owed by Arkansans by removing a 3% cap on the cost of living adjustment due to inflation. Basically, since most consumers are facing inflation greater than 3%, this bill would allow for higher adjustment. This bill also changes the reference for the Consumer Price Index from “All Urban Consumers” to “the West South Central Division of the South Region” as published by the United States Department of Labor. This just brings it more in line with prices Arkansans are seeing as opposed to prices in other parts of the country.

Options: In Committee (first chamber)

Status

In House Revenue and Tax

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