Arkansas Detailed Tax Increase Clause

State:
Multi-State
Control #:
US-OL19033GB
Format:
Word; 
PDF
Instant download

Description

This office lease clause is a more detailed form giving the tenant additional rights and the landlord further obligations as it relates to tax increases.

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FAQ

Standard deduction increase: For tax year 2023, the standard deduction increased to $13,850 for single filers and $27,700 for married couples filing jointly. Tax brackets increase: Income tax brackets went up in 2023 to account for inflation.

One important note about assessed value in Arkansas is that it cannot increase by more than 5% in any one year. So even if the market value doubles, the assessed value can only increase by 5%.

On this measure, the legislature has achieved the full measure of our suggested reform and more on the personal income tax, lowering the rate to 4.4 percent as of 2024, and will come close on the corporate side with a rate of 4.8 percent.

You have the option to choose to itemize your tax deductions or use the standard deduction. You should itemize if your deductions are more than your standard deduction. If you're married and file a separate tax return, if one spouse itemizes, then the other spouse must choose to itemize also.

Under the provisions of Arkansas Constitution Amendment 79, the assessed value of a homestead used as a principal place of residence and owned by a taxpayer who is disabled or 65 years of age or older shall not increase.

Sanders on Sept. 14 further reduces the state's top income tax rate from 4.7% to 4.4%, (This rate was previously reduced from 4.9% in April 2023.) The new 4.4% tax rate won't take effect until 2024, so taxpayers whose incomes fall into the top bracket are subject to the previously reduced rate of 4.7% for 2023.

Sanders on Sept. 14 further reduces the state's top income tax rate from 4.7% to 4.4%, (This rate was previously reduced from 4.9% in April 2023.) The new 4.4% tax rate won't take effect until 2024, so taxpayers whose incomes fall into the top bracket are subject to the previously reduced rate of 4.7% for 2023.

Senate Bill 8 and its companion House bill change the Arkansas tax code in three ways: Cutting the top individual income tax rate from 4.7% to 4.4%. Cutting the top corporate income tax rate from 5.1% to 4.8%. Creating a one-time, non-refundable tax credit for $150 for those earning up to about $90,000 this year.

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Arkansas Detailed Tax Increase Clause