Little Rock, AR – During a special legislative session in June, Arkansas lawmakers approved a tax cut package that will provide relief to the state’s residents. The tax cut legislation passed through both chambers of the legislature and is now awaiting the signature of Governor Asa Hutchinson.
The tax cut package includes measures such as lowering the state’s top income tax rate from 5.9% to 5.5% over the next two years and increasing the standard deduction for taxpayers. Supporters of the legislation believe that these tax cuts will help to stimulate economic growth and provide financial relief to individuals and families in Arkansas.
Governor Hutchinson praised the tax cut package, stating that it will make Arkansas more competitive in attracting businesses and talent to the state. He also highlighted the importance of providing tax relief to residents, particularly during the ongoing economic challenges brought about by the COVID-19 pandemic.
While many lawmakers supported the tax cut package, some critics raised concerns about the impact it could have on the state’s budget and public services. However, supporters argued that the tax cuts were necessary to provide much-needed relief to taxpayers and spur economic growth in Arkansas.
Overall, the passage of the tax cut legislation during the special session marks a significant accomplishment for Arkansas lawmakers. The tax cuts are expected to go into effect in the coming years, providing relief to residents and businesses across the state. Governor Hutchinson is expected to sign the legislation into law in the coming days, solidifying Arkansas’s commitment to providing tax relief to its residents.
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