UPDATE: Ark. House panel advances income tax cut bill
LITTLE ROCK (AP) - An Arkansas House committee has advanced a proposal to cut income taxes in Arkansas as legislative leaders say they're moving closer toward an agreement on a $100 million package of reductions.
The House Revenue and Taxation Committee on Tuesday approved Republican Rep. Charlie Collins' proposal to cut income taxes. Collins' proposal would cost the state about $57 million a year.
The bill now heads to the House.
The measure is being considered as House and Senate leaders say they hope to reach a deal soon on what cuts would be included in a package that they say would cost the state about $100 million.
Gov. Mike Beebe has said tax cuts are dependent on the state approving a proposal to expand health insurance for low income Arkansans.
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)