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HB 1002 - Reduces State Income and Corporate Taxes - Arkansas Key Vote

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See How Your Politicians Voted

Title: Reduces State Income and Corporate Taxes

Vote Smart's Synopsis:

Vote to pass a bill reduces state income and corporate tax rates.

Highlights:

  • 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).

Full Bill Text

See How Your Politicians Voted

Title: Reduces State Income and Corporate Taxes

Vote Smart's Synopsis:

Vote to pass a bill reduces state income and corporate tax rates.

Highlights:

  • 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).

Full Bill Text

Title: Reduces State Income and Corporate Taxes

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