by Talk Business & Politics staff (staff2@talkbusiness.net)
Gov. Sarah Sanders signed into law Wednesday (June 19) a series of significant tax cuts that will result in personal and corporate taxes falling by a half-percent at the top income rates.
The highest personal income tax rate has been dropped from 4.4% to 3.9% and the top corporate tax rate from 4.8% to 4.3%. The financial impact of the tax cuts are $256.1 million annually for the personal income tax reduction and $66.2 million annually for the corporate tax reduction. Over 1.1 million Arkansans will benefit from the tax rate reduction.
Also, about $290 million of the state’s $708.1 million estimated budget surplus in the current fiscal year that ends June 30th will be placed in the Arkansas Reserve Fund Set-Aside fund.
