February 18, 2003
Posted at: 7:57 p.m. CST
LITTLE ROCK, Ark. -- The state would take back more than $20 million in annual income tax cuts under legislation filed Tuesday that chips away at reductions adopted in 1997.
The bill would repeal the so-called Working Taxpayer Credit that was part of a $90 million tax reduction package passed at a time of large budget surpluses and a booming economy.
Now, in tough economic times, the Legislature is looking for ways to generate new revenues to maintain essential state services and pay for court-ordered education improvements.