LITTLE ROCK, Ark. (AP) _ Arkansas lawmakers will study a variety of proposals
to change the state’s individual income and corporate income tax laws.
The Arkansas Democrat-Gazette reports that the legislative tax overhaul task
force voted Wednesday to study most of the 31 proposals panel members
individually submitted two weeks ago.
One proposal would cut the state’s top individual income tax rate from 6.9
percent to 5.9 percent. The state Department of Finance and Administration
estimates such a cut would reduce revenue by nearly $225 million a year.
Gov. Asa Hutchinson said in February that he wants lawmakers to cut the top
individual income tax rate effective January 2020. Hutchinson plans to finance
the cut through economic growth and savings through budget constraints.
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