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Committee hears working-taxpayer credit (linked to EITC); DFA estimates $23.2M FY2022 impact, no vote taken
Summary
Senate Bill 10, as amended to set a state credit equal to 3% of the federal Earned Income Tax Credit (EITC), drew testimony from advocates and DFA; DFA provided a revised fiscal impact of a $23,200,000 reduction in general revenue for FY2022; the committee declined to vote and the bill remains pending.
Senate Bill 10 would create a state working-taxpayer credit tied to the federal Earned Income Tax Credit (EITC). Sponsor State Senator Dave Wallace described the amendment that lowered the proposed state credit from 10% to 3% of the federal EITC and framed the measure as relief for working Arkansans, including teachers, first responders and child-care workers.
Advocates provided testimony in support. Abby Hughes Holsclaw, senior director at the Arkansas Asset Funders Network, told the committee the bill would help broad…
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