Matthew Shepherd voted Yea (Passage) on this Legislation.
Title: Reduces State Income and Corporate Taxes
Signed by Governor Asa Hutchinson
Title: Reduces State Income and Corporate Taxes
Vote to pass a bill reduces state income and corporate tax rates.
Reduces income tax rates (to 4.9%) for “Every resident, individual, trust, or estate” earning between $23,600 and $84,500 (Page 2).
Reduces such rates for taxpayers earning between $84,501 and $89,100 (Page 3-4).
Repeals gradual decreases of such rates (Page 4-12).
Reduces corporate income tax rates (Page 12-16).
Establishes inflationary relief income tax credit (Page 17).
Specifies that spouses filing separately shall claim only one such credit (Page 18).
Alleges that State has general revenue surplus, “is collecting too much in tax revenue” (Page 19).
Title: Reduces State Income and Corporate Taxes
Vote to pass a bill reduces state income and corporate tax rates.
Reduces income tax rates (to 4.9%) for “Every resident, individual, trust, or estate” earning between $23,600 and $84,500 (Page 2).
Reduces such rates for taxpayers earning between $84,501 and $89,100 (Page 3-4).
Repeals gradual decreases of such rates (Page 4-12).
Reduces corporate income tax rates (Page 12-16).
Establishes inflationary relief income tax credit (Page 17).
Specifies that spouses filing separately shall claim only one such credit (Page 18).
Alleges that State has general revenue surplus, “is collecting too much in tax revenue” (Page 19).
Title: Reduces State Income and Corporate Taxes