Tax relief measures, Game & Fish Commission budget advance in special session

by Roby Brock (roby@talkbusiness.net)

Arkansas lawmakers on Monday (June 17) advanced an appropriation bill for the Game & Fish Commission (G&FC) and complimentary tax cut bills to reduce the top personal and corporate income tax rates.

Gov. Sarah Sanders called a special session of the 94th Arkansas General Assembly for purposes of reducing taxes and passing the G&FC appropriation measure.

Senators on the Revenue and Tax Committee advanced SB1 and SB3. SB1, led by Sen. Jonathan Dismang, R-Beebe, would reduce the top personal income tax rate from 4.4% to 3.9% and the top corporate tax rate from 4.8% to 4.3%.

Tax relief measures, Game & Fish Commission budget advance in special session

Farm bills seek to steer younger Arkansans into agriculture

by Ronak Patel (rspatel.personal@gmail.com)

Rep. Julie Mayberry, R-Hensley, and Rep. Denise Garner, D-Fayetteville, have introduced a bill aimed at addressing the challenges young farmers face entering the profession.

According to House Bill 1003, an income tax credit would be available for farmers who sell or rent agricultural assets to a beginning farmer. Agricultural assets include land, livestock, facilities, buildings and machinery.

In an interview, Mayberry said the bill was sponsored in the previous legislative session by former Rep. Joe Jett, R-Success, but failed to make it out of the House Revenue and Taxation Committee.

https://talkbusiness.net/2023/03/farm-bills-seek-to-steer-younger-arkansans-into-agriculture/

Arkansas lawmakers to consider increasing homestead tax credit

KUAR | By Hunter Field / Arkansas Advocate

The Arkansas Legislature is poised to increase the state’s homestead tax credit; the question: How much?

House Bill 1032 by Rep. Lanny Fite (R-Benton) would increase the Homestead Property Tax Credit from $375 a year to $425 in 2024.

Fite explained his bill last week to the House Revenue and Tax Committee, but he plans to wait to ask for a vote on the bill until after Gov. Sarah Huckabee Sanders’ office reviews it.

https://www.ualrpublicradio.org/local-regional-news/2023-01-30/arkansas-lawmakers-to-consider-increasing-homestead-tax-credit

Gerry Broome/AP

New homes under construction in Mebane, N.C., in January 2022.