KUAR | By Ronak Patel
In next month’s special session of the Arkansas Legislature, Gov. Asa Hutchinson and lawmakers say they will try to provide tax relief for Arkansans struggling with inflation.
One item on the agenda will be making changes to a tax deduction known as Section 179, which is used by businesses to help pay for equipment. Lawmakers want the state’s deduction rate to match the federal government’s.
Currently, Arkansas provides a deduction of up to $25,000 for equipment costing up to $200,000 with a phase out beginning after that point. Scott Hardin, director of communications for the Department of Finance and Administration, said the amount deducted is also determined based on the taxable income of the business.
Arkansas Week/
Gov. Asa Hutchinson says lawmakers are discussing strategies for providing economic relief to Arkansans during next month's special session.