To Repeal The Law Requiring The Secretary Of The Department Of Finance And Administration To Submit A Report Concerning Changes Made In Federal Income Tax Laws And Regulations.
Summary
SB386 amends Arkansas Code § 10-3-220, which currently requires the Secretary of the Department of Finance and Administration to monitor changes in federal income tax laws and regulations and report annually to the House and Senate Revenue and Taxation Committees. The bill’s stated purpose is to repeal the reporting requirement concerning changes in federal income tax laws and regulations.
As drafted, the bill removes the statutory duty for the secretary to provide annual findings to the legislature on how federal income tax changes may affect Arkansas income tax law and how those federal changes differ from Arkansas provisions. The underlying monitoring function is described in the bill text, but the caption and title indicate the legislative intent is to repeal the reporting obligation, which would reduce a recurring administrative and oversight requirement tied to state tax policy review.
Impact
If enacted, SB386 would change Arkansas law by eliminating the requirement that the Secretary of the Department of Finance and Administration submit annual reports to the House and Senate Revenue and Taxation Committees about federal income tax law and regulation changes. This would reduce a formal reporting mechanism used by lawmakers to track federal tax developments and their potential effect on Arkansas income tax law, while leaving the broader subject of tax administration and legislative oversight otherwise intact.
Sentiment
No committee transcripts or recorded votes were provided, so there is no direct evidence of debate, support, or opposition in the available materials. Based on the bill text alone, the measure appears administrative and narrow in scope, suggesting a generally technical policy change rather than a controversial substantive tax overhaul.
Contention
The main point of potential contention is whether the state should continue receiving a dedicated annual report on federal income tax changes from the Department of Finance and Administration. Supporters may view the repeal as removing an unnecessary reporting burden, while opponents may argue that the report helps legislators monitor federal tax changes and their impact on Arkansas taxpayers and state revenue policy. No specific individuals, committees, or stakeholder groups were identified in the provided discussion materials.