Arkansas Governor Asa Hutchinson is expected to soon call an extraordinary session of the Arkansas General Assembly for purposes of considering additional tax cuts for individual income taxes. While the Governor alluded to an outline of desired tax cuts earlier this year, those details have not yet been revealed. However, specifics are beginning to emerge following the recent report issued by Moody's Analytics, which was tasked with considering how much room is available for tax cuts. As part of that process, Moody's also considered a general outline for proposed individual income tax reductions that would lower the top rate from 5.9% to 5.5% and smooth out the tax brackets. It appears the Governor and legislature are singularly focused on reducing individual income taxes and refraining from addressing corporate income taxes or other tax cuts.
More below:
https://www.arkansasonline.com/news/2021/oct/06/tax-table-changes-explained/