Arkansas Gov. Sarah Huckabee Sanders promptly signed legislation Thursday to further reduce the state’s personal and corporate income taxes, just two hours after the state House approved the cuts.
The state House’s 82-8 vote came two days after the state Senate voted 27-3 to decrease Arkansas’ top personal income tax rate to 4.4% from 4.7% and its corporate tax rate to 4.8% from 5.1%.
The new laws (HB1007/SB8) also introduce a nonrefundable income tax credit for the tax year 2023, providing up to $150 for individuals and $300 for joint filers. Additionally, in line with Sanders’ ...
Learn more about Bloomberg Tax or Log In to keep reading:
Learn About Bloomberg Tax
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools.