A Service of UA Little Rock
Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations

Arkansas Senate Supports Capital Gains Tax Break Restoration

The Arkansas Senate has endorsed a proposal to restore a capital gains tax break to a level approved in 2013.

Senators voted 24-9 Tuesday to send the bill to Republican Gov. Asa Hutchinson.

A Hutchinson spokesman didn't immediately say whether the bill would be signed into law, but the governor previously reworked his $5.2 billion budget to accommodate the tax break.

The bill would gradually raise the percentage of a capital gain that is exempt from the income tax to 50 percent. The change is projected to cost the state $6 million in the coming fiscal year and $11 million the following year.

Proponents say the cut will be largely offset by normal revenue growth.

The Associated Press is one of the largest and most trusted sources of independent newsgathering, supplying a steady stream of news to its members, international subscribers and commercial customers. AP is neither privately owned nor government-funded; instead, it's a not-for-profit news cooperative owned by its American newspaper and broadcast members.
Related Content