On Thursday, the Arkansas General Assembly concluded its work and adjourned its special session after successfully addressing targeted income tax cuts for individuals and businesses. Governor Hutchinson signed the new tax cuts into law the same day. In addition to tax cuts that reduced top income tax rates to 4.9% and corporate income tax rates to 5.3%, the legislature also adopted a small handful of other new laws that were broadly supported and part of the Governor's call for a special session. Other proposed bills that were not part of the call did not advance.
Included in the tax cut measure was language excluding Coronavirus Food Assistance Program (CFAP) funds from being considered income for tax purposes. Also included in the Governor's call was an economic incentive package for a project to expand the steel industry in Mississippi County.
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