Arkansas House Backs Income, Capital Gains Tax Cuts
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.