January 15, 2003
Posted at: 4:54 p.m. CDT
LITTLE ROCK, Ark. -- At a time when state legislators are looking everywhere for more money and talking about reviewing tax exemptions, some legislators have filed bills that would do just the opposite.
A bill from Democratic Representative Bob Mathis of Hot Springs would increase the limit of a state income tax exemption for retirement or disability benefits from $6,000 to $8,000 going back to January 1.
For tax years beginning January first 2004, that exemption would increase three hundred dollars a year under the legislation filed today.
Another bill from Republican Representative Jeremy Hutchinson of Little Rock, would give public school teachers an income tax credit. It would be $1200 for the current tax year, and it would rise to $3600 in 2004 and beyond. If a teacher owed less than that, the teacher would get back the difference.