Arkansas lawmakers eyeing tax cuts in special session
Arkansas lawmakers will meet Monday morning in a special session on tax cuts, new restrictions on access to public records, and a ban on certain vaccine mandates.Follow this link to read the bill, HB1007.Republican Gov. Sarah Huckabee Sanders has put forth a plan to reduce the personal income tax rate to 4.4% and the corporate income tax rate to 4.8%. This proposal comes after she signed a bill in April that already lowered state income taxes from 4.9% to 4.7% and corporate income tax rates by 0.2%.In addition to the proposed tax cuts, Governor Sanders has also suggested a one-time tax relief of up to $150 for taxpayers earning less than $90,000. These measures aim to provide financial relief to individuals and stimulate economic growth in the state.Sen. Bart Hester, a Republican from Cave Springs, supports the plan.”Anytime that you’re charging too much taxes we need to get back to people as soon as possible,” he said.Grant Tennille, chair of the Democratic Party of Arkansas, disagrees.”I will tell you that their continued insistence upon cutting the top tax rate for the very richest Arkansans and for large Arkansas corporations isn’t doing anything to help the economy,” he said. Former Gov. Asa Hutchinson called a special session to enact tax cuts in Aug. 2022.
Arkansas lawmakers will meet Monday morning in a special session on tax cuts, new restrictions on access to public records, and a ban on certain vaccine mandates.
Follow this link to read the bill, HB1007.
Republican Gov. Sarah Huckabee Sanders has put forth a plan to reduce the personal income tax rate to 4.4% and the corporate income tax rate to 4.8%. This proposal comes after she signed a bill in April that already lowered state income taxes from 4.9% to 4.7% and corporate income tax rates by 0.2%.
In addition to the proposed tax cuts, Governor Sanders has also suggested a one-time tax relief of up to $150 for taxpayers earning less than $90,000. These measures aim to provide financial relief to individuals and stimulate economic growth in the state.
Sen. Bart Hester, a Republican from Cave Springs, supports the plan.
“Anytime that you’re charging too much taxes we need to get back to people as soon as possible,” he said.
Grant Tennille, chair of the Democratic Party of Arkansas, disagrees.
“I will tell you that their continued insistence upon cutting the top tax rate for the very richest Arkansans and for large Arkansas corporations isn’t doing anything to help the economy,” he said.
Former Gov. Asa Hutchinson called a special session to enact tax cuts in Aug. 2022.
