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’ ...