Arkansas Governor Signs Law Lowering Income Tax Rates, Creating Income Tax Credit for Inflation Relief

The Arkansas Governor Sept. 15 signed an emergency law lowering income tax rates and creating the Inflationary Relief Income Tax Credit for eligible taxpayers, for individual income, corporate income, and trust income taxes purposes. The law includes measures: 1) amending the income tax table and reducing the top individual income tax rate to 4.4 percent, effective for tax year 2024 and subsequent years; 2) clarifying that the reduced tax applies to individuals with net taxable income exceeding $87,000 but less than $90,801; 3) reducing the top corporation income tax rate for both domestic and foreign corporations to 4.8 percent for ...