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Senate committee advances bill to cut top income-tax rates after brief testimony opposing the measure
Summary
The Senate Revenue & Tax committee voted to pass SB 1, which lowers top individual and corporate income tax rates and transfers $290 million into a reserve fund; an education and children’s advocacy group urged postponing cuts to protect funding for preschool, maternal health and juvenile services.
Senator Jonathan Dismaine formally introduced SB 1 to the Senate Revenue & Tax committee, saying the bill would lower the state’s top individual income tax rate to 3.9% and the top corporate rate to 4.3% and move $290,000,000 from the general allotment reserve fund to the Arkansas reserve fund to help manage revenue shortfalls.
Keesa Smith Brantley, executive director of Arkansas Advocates for Children and Families, testified against the measure. She argued that Arkansas ranks near the bottom on child-wellbeing metrics and that recurring tax cuts make it harder to fund proven programs that support preschool access, maternal health and foster care. "Each time…
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