12.27.19 – LITTLE ROCK, Ark. (KAIT) –
The changing of a calendar not only means the changing of a year, but several new laws that will take effect in the Natural State.
According to a post on the Arkansas House of Representatives website, there are several new laws that will take effect Jan. 1.
One of the new laws is Act 182, which lowers the state’s top income tax rate from 6.9% to 6.6%. The top rate is also set to drop to 5.9% in 2021.
Act 869 creates the Online Insurance Verification System. Officials said the new system will allow officers, during a traffic stop, to see real-time information as to whether or not a vehicle is insured.
Act 774 also requires the Department of Finance and Administration to put space on individual tax forms for a taxpayer to designate more than one account for direct deposit on a tax refund.
Other laws include:
- Act 564 – requires the annual publication of the county budget and annual financial report of a county.