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Governor Asa Hutchinson issued the following statement on the Arkansas General Assembly’s passage of his tax cut proposal:
“This has been a good day for the taxpayers of Arkansas with the passage of the $500 million tax relief bills in both the House and Senate with $400 million going to individuals this year. I am grateful for the overwhelming support of the General Assembly, and it could not come at a better time with the continued challenge of high food and gas prices.”
On Wednesday, the House voted 81-14 to approve House Bill 1002 by Rep. Joe Jett, R-Success, which would accelerate the implementation of cuts in the state’s top individual and corporate income tax rates that are scheduled to be phased in during the next few years under current state law.
HB1002 also would grant a temporary, nonrefundable income tax credit of $150 for individual taxpayers with net income up to $87,000 and of $300 for married taxpayers filing jointly with net income up to $174,00, and adopt a federal depreciation schedule for businesses.
