Governor Asa Hutchinson's $50 million low-income tax cut plan, for more than 650,000 residents making less than $21,000, has been written into law as Acts 78 and 79. House Bill 1159 and Senate Bill 115 were signed into law Wednesday. All local State Representatives voted in favor of the House version. All local Senators gave the Senate version a thumbs up as well.
The cuts will go into effect January first, 2019 and represents Hutchinson's second round of reductions to the state income tax. Governor Hutchinson has said he will pursue further tax cuts over the next two years.
In a recent press release Hutchinson says he appreciated the legislature's bipartisan support. $150 million in income tax relief has been provided to approximately 1.3 million Arkansans in the past year. He asserts 90 percent of the state's taxpayers will have benefited from some sort of tax relief since he took office in 2015.
His first major act when he took office then was signing the Middle Class Income Tax cut into law, which says nearly 500,000 taxpayers will see a savings of as much as $540 annually. The cut lowers the top seven percent rate to six percent, and the six percent rate to five percent.
Governor Hutchinson says he's aware some were hoping for larger cuts however, this most recent cut was the most responsible and conservative reduction that could be made at this time.
The cuts will go into effect January first, 2019 and represents Hutchinson's second round of reductions to the state income tax. Governor Hutchinson has said he will pursue further tax cuts over the next two years.
In a recent press release Hutchinson says he appreciated the legislature's bipartisan support. $150 million in income tax relief has been provided to approximately 1.3 million Arkansans in the past year. He asserts 90 percent of the state's taxpayers will have benefited from some sort of tax relief since he took office in 2015.
His first major act when he took office then was signing the Middle Class Income Tax cut into law, which says nearly 500,000 taxpayers will see a savings of as much as $540 annually. The cut lowers the top seven percent rate to six percent, and the six percent rate to five percent.
Governor Hutchinson says he's aware some were hoping for larger cuts however, this most recent cut was the most responsible and conservative reduction that could be made at this time.
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