House of Representatives
The IRS has announced it will begin processing tax returns on January 29. Before you begin preparing your returns, we want to make you aware of a few of the changes made in recent sessions impacting your Arkansas return. The following legislation is in effect: Capital Gains Exemption (Act 1173 of 2015): For tax year 2017, the exemption for net capital gains is 50% for the entire year.
Teacher Classroom Investment Deduction (Act 666 of 2017): Beginning with tax year 2017, a deduction is allowed for a qualified classroom investment expense by a teacher as defined in this Act.
The deduction is limited to $250 per taxpayer or $500 for married filing jointly if each taxpayer is a teacher.
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