Arkansas House Gives $140M Tax Cut Package Final OK
A package of tax cuts that's estimated to eventually cost the state more than $140 million a year is headed to Gov. Mike Beebe's desk.
The House on Friday approved a dozen bills that include cuts in the state's taxes on income, capital gains and manufacturers' utility bills. The package also includes tax breaks for farmers and armed service members.
The total tax cut package is estimated to cost the state $10.7 million in the coming fiscal year, nearly $97 million the next year and will eventually cost more than $140 million annually.
Gov. Mike Beebe told reporters he planned to sign the tax cuts into law, despite concerns about the impact it will have on state revenue in later years.