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Senate committee advances cut to top individual and corporate income tax rates amid public pushback
Summary
A bill to reduce Arkansas's top individual income tax rate from 4.9% to 4.7% and corporate top rate from 5.3% to 5.1% (effective Jan. 1, 2023) passed the Revenue & Tax Committee after sponsor presentation and public testimony arguing the cut primarily benefits higher earners.
The Revenue & Tax Committee voted to advance legislation that reduces the state's top individual income tax rate from 4.9% to 4.7% and the top corporate rate from 5.3% to 5.1%, effective Jan. 1, 2023.
The sponsor said the individual rate cut would produce roughly $100 million in ongoing revenue impact and the corporate change about $24…
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