On Tuesday, November 10th, Arkansas Governor Asa Hutchinson released his budget proposal to the General Assembly. The budget proposal showed a budget surplus for Arkansas of $240 million, and offered a plan to set aside $100 million in a cash reserve for the state to help Arkansas through future challenging times. An additional $30 million of the surplus to go towards rural broadband and $50 million for tax reductions in the future to help afford ongoing tax cuts and a new tax incentive for new residents in Arkansas that would allow for 4.9% income tax for their first five years as Arkansans. In addition, a new tax cut for used car sales is proposed, and the Governor stated their would be additional room for priorities of the legislature.. The Governor declared that this proposal would set a foundation for continued economic growth in Arkansas. Additional priorities outlined in the budget include efforts to improve workforce education, raise teacher pay, and modernize state law enforcement.
More below:
https://twitter.com/AsaHutchinson/status/1326171521539305472?s=20
https://talkbusiness.net/2020/11/governor-touts-tax-cut-budget-surplus-in-state-chamber-speech/
https://www.nwaonline.com/news/2020/nov/11/budget-proposal-issued-by-governor/