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The Arkansas Senate on Tuesday handily approved a bill that would cut the state s top individual and corporate income tax rates and create a temporary income tax credit for certain taxpayers.
Legislation that would reduce the state s top individual income tax rate from 4.7% to 4.4% and the state s top corporate income tax rate from 5.1% to 4.8%, effective Jan. 1, 2024, zipped through the Arkansas Senate Revenue and Taxation Committee on Monday, the first day of a special session called by Gov. Sarah Huckabee Sanders.
The Arkansas Legislature is holding a special session to consider personal and corporate tax cuts. The proposal includes reducing the personal income-tax rate from 4.7 percent to 4.4 percent and reducing the top corporate income-tax rate from 5.1 percent to 4.8 percent. It also includes a one-time $150 tax credit for about 1 million middle-class taxpayers making less than $90,000 a year.