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Senate committee advances bill allowing pass-through entities to elect entity-level tax
Summary
The Senate Revenue & Tax Committee voted to advance House Bill 1209, which would let LLCs and S corporations elect to be taxed at the entity level at a flat 5.9% rate; DFA estimated roughly $4.24 million in additional state revenue, while the sponsor cited an estimated $50 million in federal tax savings for taxpayers.
House Bill 1209 was presented to the Senate Revenue & Tax Committee as a response to federal limits on state and local tax (SALT) deductions. Senator Dismain, the bill sponsor, said the measure would let pass‑through entities such as LLCs and S corporations elect to be taxed at the entity level, rather than flowing income through to individual owners.
Senator Dismain said proponents expect a benefit to Arkansas taxpayers and budget: "it results in, I think, the revenue…
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