Governor Asa Hutchinson is expected to call a special legislative session for the Arkansas general assembly to consider tax cuts aimed at providing inflation relief for individuals and businesses. The session is expected to begin August 9th. The call is expected to include legislation that would accelerate income tax cuts for individuals and businesses while also bringing Arkansas into conformity with federal law regarding Section 179 tax deductions for machinery and equipment put into service for businesses.
The tax law changes expected to be included in the legislation are strongly supported by the Agricultural Council of Arkansas. On June 1, the Ag Council joined several other statewide agriculture organizations in urging the governor to include section 179 conformity in any special session aimed at tax and inflation relief (letter).
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https://talkbusiness.net/wp-content/uploads/2022/07/ARPA-Safe-Harbor-7-27-22.docx.pdf