Republican Gov. Sarah Huckabee Sanders on Monday signed into law a measure cutting individual and corporate income taxes in Arkansas by $124 million a year.
Arkansas Gov. Sarah Huckabee Sanders signs legislation at the state Capitol in Little Rock, Ark., on Monday, April 10, 2023, that will cut individual and corporate income taxes by $124 million a year. Sanders, a Republican, and legislative leaders had been advocating the tax cuts during the session that ended last week.
Arkansas Gov. Sarah Huckabee Sanders signs legislation at the state Capitol in Little Rock, Ark., on Monday, April 10, 2023, that will cut individual and corporate income taxes by $124 million a year. Sanders, a Republican, and legislative leaders had been advocating the tax cuts during the session that ended last week. cutting individual and corporate income taxesSanders signed the bill she and legislative leaders backed that will cut the top individual income tax rate to 4.7% from 4.9%.
State finance officials said that under the proposal, 1.1 million taxpayers who make more than $24,300 a year will receive a cut. Sanders, who took office in January, has called for phasing out the state’s income tax. Over the past several years, Sanders’ Republican predecessor, former Gov. Asa Hutchinson, and the majority-GOP Legislature enacted a series of cuts.
Lawmakers last week sent Sanders the tax cut legislation, one of the last remaining items before they this year’s legislative session on Friday. The tax cut is projected to cost $186 million in its first year because it will take effect this year, the Department of Finance and Administration said.Sanders also signed another bill that will cut income taxes for multi-state corporations by phasing out over seven years the “throwback rule.
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