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Arkansas lawmakers on Thursday once again slashed the state’s top income tax rate after debate over whether the relief should more precisely target the state’s lower- and middle-income citizens.
The Arkansas House Revenue and Taxation Committee on Wednesday advanced identical bills that would trim the state's top individual and corporate income tax rates and create a temporary income tax credit for low-income and middle-income taxpayers.
The Arkansas Senate on Tuesday handily approved a bill that would cut the state's top individual and corporate income tax rates and create a temporary income tax credit for certain taxpayers.
The two bills would trim the state’s top individual income tax rate from 4.7% to 4.4% and the state’s top corporate income tax rate from 5.1% to 4.8%, effective Jan. 1, 2024.
If passed, the proposal would mark the second round of tax cuts under Gov. Sarah Huckabee Sanders since she took office in January.