![]() Jonathan Dismang, R-Searcy, said the legislation, if enacted, would be seen in paychecks almost immediately due to changes in withholding. In August, the General Assembly in special session accelerated cuts to the top corporate and individual income tax rates. Lawmakers phased in cuts for lower, middle and upper level earners over the last few legislative sessions. ![]() If passed, the bill would be the latest step by the Arkansas Legislature to reduce liability throughout the tax tables. “That’s just frankly an economic reality.” ![]() “The simple truth is that the talent, the families and businesses we create will leave our state for greener pastures,” Sanders said. She pointed to recent tax cuts in neighboring Missouri and Mississippi, saying Arkansas would lose out on talent and new businesses without trimming taxes. Sanders at a news conference said the proposal was a fulfillment of her campaign promise to cut taxes responsibly. The individual income tax cut impacts Arkansans earning more than $24,300 a year, roughly 1.1 million people in the state. 1, meaning taxpayers would see the benefits in the current tax year. The tax breaks’ effective date would be retroactive to Jan. The legislation also would cut the top corporate income tax rate by two percentage points to 5.1% - a $24 million-a-year hit to state coffers. Sarah Huckabee Sanders and leading lawmakers reached an agreement to pursue a $124-million income tax cut targeting Arkansas’ top individual and corporate income tax rates.Ī bill filed Thursday proposes reducing the top individual income tax rate from 4.9% to 4.7% - a cut budget officials project will reduce state revenue by $100 million annually. With a week left in the legislative session, Gov. ![]()
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