Representative Ed Garner’s HB1002, To Create The Arkansas Capital Gains Reduction Act of 2011, passed the House floor on a predominately party line vote. It will go to the Senate Revenue and Taxation Committee next week.
Passage of this bill will help Arkansas attract and retain Capital investments which create jobs! We are at a competitive disadvantage with surrounding States. Texas and Tennessee have no Capital Gains Tax (no income tax). Oklahoma passed a Bill in 2006 to exempt their instate investments from Capital Gains Tax. Louisiana exempted privately held property instate from Capital Gains Tax beginning Jan. 1, 2010 and Mississippi exempts instate corporations from Capital Gains taxes.
Please email or call every senator on the Senate Revenue and Taxation Committee. Senator Teague and Senator Taylor are the most critical to contact. They are both from fiscally conservative districts and are up for re-election in 2012.
Members of the Senate Revenue and Taxation Committee:
(D) Senator Larry Teague (D-20)
(R) Senator Michael Lamoureux (D-4)
(D) Senator Jerry Taylor (D-23)
(D) Senator Paul Bookout (D-14)
(D) Senator Linda Chesterfield (D-34)
(R) Senator Jake Files (D-13)
(R) Senator Bill Sample (D-19)
(R) Senator Eddie Joe Williams (D-28)