Arkansas’s Republican-led legislature on Thursday overwhelming approved a cut to personal and corporate income tax rates, sending taxpayers a one-time tax credit and moving some revenue into a new reserve account to hedge against a future downturn.
“We’re seeing surpluses in excess of a billion dollars,” House Revenue and Taxation Committee Chair Les Eaves (R) said during a Wednesday committee meeting. “To me, that’s a clear indication that we’re likely over-collecting, so it’s time to spend some of that money back to our constituents.”
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