Arkansas House Approves Package Of Tax Cut Bills
The Arkansas House has approved a package of proposals that would cut state income taxes, capital gains taxes, and reduce taxes paid by manufacturers.
The measures approved by lawmakers Tuesday are part of the estimated $100 million in total tax cuts that legislative leaders say they want to pass this session. The vote came several hours after the House approved the Medicaid 'private option' bill that Gov. Mike Beebe says would provide the savings to fund some of the proposed tax cuts.
The income tax proposal would lower the top tax rate and increase the minimum income to which the tax applies.
The House also approved a bill that would cut capital gains taxes and raise the standard deduction for income taxes.