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Committee approves lower sales tax on low-cost used cars to ease access to transportation
Summary
The committee passed House Bill 1912, which exempts vehicles under $4,000 and taxes used vehicles priced $4,000to$10,000 at a reduced net rate of 3.5% (statutory 2.875% plus constitutional levies), a measure sponsors said will help low-income Arkansans afford transportation.
The Senate Revenue & Tax Committee approved House Bill 1912, which reduces the net sales-tax burden on lower-priced used vehicles.
Representative Peyton told the committee the bill keeps the existing $4,000 state-sales-tax exemption and imposes a reduced net tax on vehicles priced between $4,000 and $10,000: "This…
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