Arkansas Governor Signs Law Reducing Income Tax Rate, Adopting Federal Depreciation, Expensing Rules

The Arkansas Governor signed a law amending individual income, corporate income, and trust income tax provisions (the specific date of signing isn’t available at this time). The law includes measures: 1) reducing the top individual income tax rate to 4.9 percent, effective for the 2022 and following tax years; 2) recalculating the bracket adjustments based on the reduced rates; 3) stating that for tax year 2022, individuals with net taxable income of more than $84,500 but less than $89,101 will reduce their income tax due by the appropriate bracket adjustment; 4) reducing the top corporation income tax rate imposed on ...