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Senate committee hears bill to create 10% Arkansas credit tied to federal EITC for working families
Summary
Senators heard testimony on SB 10, which would give Arkansas taxpayers a refundable state credit equal to 10% of their federal Earned Income Tax Credit; DFA estimated a $77 million revenue impact and that about 289,000 taxpayers would receive a benefit. Committee took no vote.
Senate Revenue & Tax Committee — Lawmakers heard from sponsors and advocates Tuesday on Senate Bill 10, which would give Arkansas taxpayers a refundable state tax credit equal to 10% of the federal Earned Income Tax Credit (EITC).
Senator Dave Wallace presented the bill, saying it would "give back 10% of their taxes" and would be phased out as incomes rise; he offered a working example that someone earning roughly $21,000 could receive about $300 in state credit. Annabeth Gorman, executive director of the Women's Foundation of Arkansas, testified the measure…
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