The state of Arkansas has made the following tax law changes for tax year 2018:
- Capital Gains Exemptions- The exemptions for net Capital Gains is 50% for the entire year.
- Military Retirement- Retirement benefits received by certain members of the uniformed services are exempt from income tax.
- Tax-Deferred Tuition Savings Program- Distributions can now be used to pay qualified higher education expenses for elementary school or secondary public, private or religious schools.
- Unemployment Income- Unemployment Compensation is not longer exempt from income tax.
You can read more about the changes to Arkansas Tax Law here.