Repealing Tax Surcharge is Priority Item for Legislators This Week - KAIT Jonesboro, AR - Region 8 News, weather, sports

Little Rock, AR

Repealing Tax Surcharge is Priority Item for Legislators This Week

JANUARY 23, 2005 - Posted at 8:06 a.m. CST

 

LITTLE ROCK, AR - First up for legislators this week is repealing a three percent income tax surcharge.

Legislation to repeal the surcharge sailed through the Senate last week and quick final approval is expected in the House before it is sent to Governor Huckabee for his signature.

The surcharge was added two years ago when the state hit a budget crunch.  It generates about $53 million per year and was meant as a temporary tax increase.  The Huckabee administration announced in November that a rejuvenated economy would generate sufficient revenue growth during the new budget year to eliminate the tax.

Some lawmakers questioned the administration's projections, but the Legislature is all but sure to jump at the chance to repeal a high-profile general tax increase. 

The charge added about $31 in taxes for a family bringing in about $30,000 per year.

(Copyright 2005 by The Associated Press.  All Rights Reserved.)

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