Local & Regional News
12:36 pm
Fri April 19, 2013

Arkansas House Backs Income, Capital Gains Tax Cuts

Arkansas Capitol
Credit flickr.com

Arkansas lawmakers have given final approval to cutting the state's taxes on taxes and capital gains, part of a package of reductions that is expected to eventually cost the state more than $140 million a year.

The House on Friday approved four tax cut measures that also include breaks for volunteer firefighters and farmers.  

The total tax cut package is estimated to cost the state $10.7 million in the coming fiscal year and will eventually cost more than $140 million annually.

The income tax cut will eventually cost the state nearly $56 million a year, while the capital gains measure will cost $24.5 million.

Gov. Mike Beebe told reporters he planned to sign the measures into law, despite concerns about the revenue impact in later years.