The Democrat-Gazette wants its news reports to be fair and accurate. We correct all errors of fact. If you know of an error, write: Frank Fellone Deputy Editor P.O. Box 2221 Little Rock, Ark. 72203 or call 378-3475 during business hours Monday through Friday.
A story in Thursday's edition about House Bill 1402, sponsored by Rep. Matthew Shepherd, R-El Dorado, contained incorrect information about the bill and changes in the state's capital gains taxes.
HB1402 would increase the 40 percent exemption of capital gains from income taxes to 45 percent, retroactive to Feb. 1, and increase the exemption to 50 percent starting July 1, 2016. It also would exempt from income taxes net capital gains in excess of $10 million if they are realized after Jan. 1, 2014. Act 1488 of 2013 raised the net capital-gains exclusion from 30 percent to 50 percent, starting this tax year, and exempted capital gains received by a taxpayer in excess of $10 million, starting last tax year. As part of Act 22 that reduces income-tax rates on Arkansans with taxable incomes between $21,000 and $75,000 a year, Gov. Asa Hutchinson and the Legislature allowed for the 50 percent capital-gains exclusion through the end of January and the exemption was reduced to 40 percent thereafter. Act 22 also repealed, retroactively to Jan. 1, the income-tax exemption on capital gains exceeding $10 million.
Metro on 03/27/2015