With the State of Arkansas currently enjoying budget surpluses and new projections for strong revenue into future years, Governor Asa Hutchinson has indicated a desire to call a special session later this summer to utilize some of the surplus revenues to provide tax relief for Arkansans. While much of that focus will be on further reducing income taxes, there is strong interest among legislative leaders in considering other important tax policies including the need to bring state depreciation schedules and section 179 deductions for small businesses and farms more in line with federal law. This has been a major priority for the Ag Council, and it is something we strongly support and would like to see enacted as soon as possible.
More below:
https://www.arkansasonline.com/news/2022/may/20/arkansas-increases-revenue-forecasts-projects