Gov. Asa Hutchinson anticipates a lot of negotiation over taxes in the upcoming legislative session.
With an expected $240 million surplus, Hutchinson has laid out proposals to:
Reduce the top individual income tax rate for new residents to 4.9% for five years. Doing so would attract tech and manufacturing talent and retirees, he said.
Lower the sales tax on used vehicles from 6.5% to 3.5% for those with sale prices between $4,000 and $10,000. There is no tax for cars sold for less than $4,000.
Place $100 million in the state’s long-term reserve account.
Governor discusses legislative agenda, Medicaid waiver, redistricting - Talk Business & Politics
Gov. Asa Hutchinson anticipates a lot of negotiation over taxes in the upcoming legislative session. With an expected $240 million surplus, Hutchinson has laid out proposals to: Reduce the top individual income tax rate for new residents to 4.9% for five years. Doing so would attract tech and manufacturing talent and retirees, he said.