LITTLE ROCK, Ark. (AP) — Arkansas lawmakers on Wednesday approved a $500 million tax cut package over objections from Democrats who questioned its potential impact on the state’s COVID-19 funds and called for action on teacher raises.
The majority-Republican House and Senate approved identical bills outlining the cuts proposed by GOP Gov. Asa Hutchinson after the state’s surplus reached $1.6 billion. Final votes are expected on the cuts before the Legislature adjourns its special session Thursday.
“I am grateful for the overwhelming support of the General Assembly, and it could not come at a better time with the continued challenge of high food and gas prices,” Hutchinson said in a statement.
The package includes speeding up when cuts in the state’s top individual and corporate tax rates that lawmakers approved last year take effect. It also includes a nonrefundable $150 tax credit for individuals making up to $87,000 a year.
