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HCR 1002

TO URGE THE UNITED STATES CONGRESS TO PERMANENTLY EXTEND THE TAX CUTS AND JOBS ACT OF 2017.

2025 Regular Session Introduced by Jim Dotson and 1 co-sponsor

HCR 1002 urges Congress to make the 2017 Tax Cuts and Jobs Act permanent, protecting $1.5 trillion in tax cuts for over 100 million Americans and supporting economic growth.

Approved by the Governor
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WeVote Research Nonpartisan
Bill Summary · HCR 1002

Summary of HCR 1002: Urging the Permanent Extension of the Tax Cuts and Jobs Act of 2017

Bill Overview

  • Bill Number: HCR 1002
  • Title: To Urge the United States Congress to Permanently Extend the Tax Cuts and Jobs Act of 2017
  • Status: Approved by the Governor
  • Introduced: November 20, 2024
  • Classification: Concurrent Resolution

Purpose and Intent

HCR 1002 is a concurrent resolution from the Arkansas General Assembly that urges the United States Congress to make the Tax Cuts and Jobs Act (TCJA) of 2017 permanent. The resolution emphasizes the economic benefits that the TCJA has provided since its enactment, particularly in terms of job creation, wage increases, and overall economic growth.

Key Provisions

The resolution highlights several significant aspects of the TCJA, including:
- Tax Cuts: The TCJA resulted in a net tax cut of approximately $1.5 trillion, benefiting over 100 million American taxpayers, especially those in the middle and working classes.
- Individual Income Tax Changes: The resolution points out that 23 provisions related to individual income taxes, such as reduced personal income tax rates and an increased standard deduction, are set to expire after December 31, 2025.
- Corporate Tax Rate Reduction: The corporate tax rate was reduced from 35% to 21%, aligning the U.S. with average rates among OECD countries and enhancing competitiveness.
- State and Local Tax (SALT) Deduction: The TCJA established a cap of $10,000 on the SALT deduction, which has implications for state budgets and taxpayer relief.

Impact

If the TCJA provisions are allowed to expire:
- There would be a significant tax increase on American taxpayers.
- The resolution argues that this would lead to reduced competitiveness for American businesses, fewer job opportunities, and higher consumer prices.
- The resolution asserts that maintaining the current tax structure is supported by a majority of Americans.

Procedural Timeline

  • November 20, 2024: Bill filed.
  • January 13, 2025: Read for the first time and referred to the Committee on House Management.
  • January 15, 2025: Returned by the Committee with a "Do Pass" recommendation.
  • January 16, 2025: Read, adopted, and transmitted to the Senate.
  • January 21, 2025: Concurred in by the Senate and returned to the House.
  • January 27, 2025: Approved by the Governor.

Conclusion

HCR 1002 serves as a formal request from the Arkansas General Assembly to the U.S. Congress to permanently extend the provisions of the Tax Cuts and Jobs Act of 2017. The resolution underscores the economic benefits experienced since the tax cuts were implemented and warns of the potential negative consequences if these provisions are allowed to expire.

Compiled from official sources — confirm details with the bill’s official record.

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