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Senate committee advances sweeping SB 1 tax‑cut package after debate over law‑enforcement credit
Summary
The Arkansas Senate Revenue and Tax Committee voted to advance SB 1, a package of income and corporate tax cuts that backers say will simplify rates and make the state more competitive; a proposed refundable $3,000 law‑enforcement tax credit was debated and failed on a committee roll call.
LITTLE ROCK — The Senate Revenue and Tax Committee voted to advance Senate Bill 1 on a party‑line style committee decision after a daylong debate over the scope and consequences of sweeping income‑tax reductions.
Sponsor remarks framed SB 1 as built on "fairness, simplification, and competitiveness," saying the proposal would combine the low and middle tax tables, reduce the top individual rate in stages and index the standard deduction to inflation. The sponsor said the immediate income‑tax cut would total "nearly a quarter of a billion dollars," rising to roughly a half‑billion when fully implemented, and would include "a nonrefundable $60 tax credit" phased out beginning at about $23,600.
Paul Goring of the Department of Finance and Administration told senators DFA is "very confident" the phased reductions can be absorbed through economic growth and budget management, but committee members pressed him and the…
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