KUAR | By Ronak Patel
Arkansas lawmakers have been notified by the state Department of Finance and Administration that the U.S Treasury is trying to rescind COVID-19 relief funds that are used by states to supplement tax cuts.
During next month’s special session, legislators will consider Gov. Asa Hutchinson's plan to accelerate the tax cuts passed in 2021 that will lower the personal income tax and the corporate tax rate while including a low-income tax credit.
In an interview with KUAR News, Senate President Pro Tem Jimmy Hickey, R-Texarkana, said lawmakers have been working with state finance officials to find out how much could be rescinded. He said the number has ranged from slightly less than $100 million to $800 million.
Michael Hibblen/KUAR News
Next month, lawmakers will decide whether to accelerate the tax cuts approved in 2021 to lower the income tax rate and corporate tax rate.