Arkansas governor signs income, property tax cuts into law
Arkansas Gov. Sarah Huckabee Sanders has signed legislation cutting the state's property and income taxes
LITTLE ROCK, Ark. (AP) --- Arkansas Gov. Sarah Huckabee Sanders on Wednesday signed legislation cutting the state's property and income taxes after lawmakers wrapped up a special session where they also approved legislation to keep the state's hunting and fishing programs running.
Sanders signed the measure cutting the state's top corporate and individual income tax rates, and another raising the homestead property tax credit, hours after the predominantly Republican Legislature adjourned the session that began Monday.
The cuts are the latest in a series of income tax reductions Arkansas has enacted over the past several years. Sanders, a Republican, has signed three cuts into law since taking office last year and has said she wants to phase the levy out over time.
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“We are moving in the right direction and we're doing so responsibly,” Sanders said at a news conference before signing the legislation.
The measures will cut the state's top individual tax rate from 4.4% to 3.9% and the top corporate rate from 4.8% to 4.3%, retroactively, beginning Jan. 1. Finance officials say the cuts will cost about $483 million the first year and $322 million a year after that.
Supporters argued the state is in a healthy position for the reductions, noting that Arkansas is forecast to end the fiscal year with a $708 million surplus.
I want her to be the VP pick.
Agree. She would be a great choice but maybe it would be more eye opening if she made Arkansas citizens wildly successful by implementing Trump plans... EVERYONE would then demand similar successes in their states.
I agree with you. We all know the damage a bad governor can do, and how important it is for states to retain the ability to make decisions that are best for the residents of the state, as per the 10th Amendment. And SHS is still young, with plenty of time to implement MAGA....in Arkansas, which you KNOW has to burn certain [people].
I don’t, I want her to stay in Ark, we still have so much to do here, she is so far the only candidate to actually do anything for the people in our state.
I get it, but the same reason I want her to be the VP. She does what she says she will do.
The road to eliminate taxes
Give me 0% income tax and 0% property tax and I will build my homestead there and have many many children and start several businesses and employ thousands of people and we will make that state great for generations to come...
Your copy/paste stopped right before the critiques of the move, which are worth considering.
Sorry but these avenues the Dems want is what fuels their pockets, it never reaches the people. Never. It’s a cash cow for them and anyone that has had to utilize these services knows it. Sarah is trying hard to help the people in our state by providing good hobs, lowering taxes, encouraging private industry to become community leaders and contributing to community outreach. I live in one of the poorest counties in Ark yet we have a ton of available resources for the poor, multiple food distribution points every month, rent and utility assistance, so I know her plans are working it’s just a slow process.
Thanks for the on-the-ground report. Hopefully those resources stay available to you after tax revenue drops
She might be the first female President one day.
Texas did this. Lowered property taxes that is. Really sad too. I believe the tax offices are 1in cahoots with real estate agents now. Because as soon as the tax breaks were announced, property values skyrocketed. My property has went up 300% since the lowered tax rate was announced. Paying more now at lower rates than when they were higher.
Bought my house for $400k in 2009 and it's "valued" at $1.2m today. Thankfully, my property taxes haven't increased much in the 15 years I've owned the house because property tax increases are limited to a maximum of 2% per year, thanks to California's Proposition 13.
I still hate property taxes, but at least my hatred only increases by 2% a year.
You can thank the Federal Reserve for the insane asset inflation. Also Texas has lower property tax rates for Homestead and Agriculture (if you have acreage and are into options like growing crops, raising cattle, bee keeping, etc).
I am homesteaded. Theyve recent changed laws as to minimum required acreage per head, cattle/horse/etc. My 2.5 acres doesn't qualify now. We have a garden but for personal use. County and city officials are closet demonrats. Most are corrupt to the bone. No breaking their "good ol boy" system.
Contrast SHS with the Clintons! Wow what a difference.
Now release Arkansas Clinton records
When the state income tax drops to zero permanently, give me a jingle please.
THIS IS SO DARN COOL!!!!!!
Maybe she can teach Kim Jong Walz in Minnesota…