Arkansas legislative task force to study tax overhaul ideas - KAIT Jonesboro, AR - Region 8 News, weather, sports

Arkansas legislative task force to study tax overhaul ideas

(Source: KAIT) (Source: KAIT)
LITTLE ROCK (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.
           
Task force recommendations are due Sept. 1 to Hutchinson and the Legislature.
           
Copyright 2018 KAIT/The Associated Press. All rights reserved.

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