Ark. House panel OKs tax cut for manufacturers
By MICHAEL STRATFORDAssociated Press
LITTLE ROCK, Ark. (AP) - An Arkansas House panel has endorsed a proposal to cut taxes on manufacturers in the state.
The House Revenue and Taxation Committee on Tuesday voted to approve the measure, sending it to the full House for consideration. The bill would reduce the sales and use taxes on natural gas and electricity used by manufacturers.
State finance officials estimate that the proposal will decrease state revenue by about $14 million next year and roughly $25 million in subsequent years.
Legislative leaders are negotiating a $100 million package of tax reductions. A cut to the state's income tax rate is expected to comprise more than half of that amount.
The House panel also tabled a proposal to give tax credits to people who install home solar energy systems.COMPLETE COVERAGEBeebe Proposes Trigger to End Grocery Tax (Jan. 15)Ark. lawmakers: No rush on tax cut proposals (Jan. 20)Arkansas House speaker backs $150M in tax cuts (Feb. 26)Ark. panel approves tax cut for farm structures (March 14)Tax exemption for farmers passes Arkansas House (March 18)Ark. leaders say they're closer to tax cut deal (March 20)Ark. House panel advances income tax cut bill (March 26)Beebe: Problem with tax cuts' effective dates (March 27)Income Tax cuts in Arkansas (April 2)Ark. House panel OKs tax cut for manufacturers (April 2)Ark. House speaker amends capital gains tax bill (April 4)House approves conditional cut in Ark. grocery tax (April 16)Arkansas House approves package of tax cut bills (April 16)Ark. Senate committee advances tax cut bills (April 18)Ark. Senate approves $140M tax cut package (April 19)