Arkansas House Backs Income, Capital Gains Tax Cuts

by Andrew DeMillo, The Associated Press  on Friday, Apr. 19, 2013 10:59 am  

LITTLE ROCK - Arkansas lawmakers have given final approval to cutting the state's taxes on taxes and capital gains, part of a package of reductions that is expected to eventually cost the state more than $140 million a year.

The House on Friday approved four tax cut measures that also include breaks for volunteer firefighters and farmers.

The total tax cut package is estimated to cost the state $10.7 million in the coming fiscal year and will eventually cost more than $140 million annually. The income tax cut will eventually cost the state nearly $56 million a year, while the capital gains measure will cost $24.5 million.

Gov. Mike Beebe told reporters he planned to sign the measures into law, despite concerns about the revenue impact in later years.

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