Ark. panel approves tax cut for farm structures
By ANDREW DeMILLOAssociated Press
LITTLE ROCK (AP) - A House panel has approved exempting chicken-breeding houses and other farm structures from sales taxes on utilities, a cut that state finance officials say will cost about $10 million a year.
The House Revenue and Taxation Committee advanced the legislation Thursday. It's the first major tax cut approved by the panel this session.
The measure would exempt several types of agricultural structures from sales taxes on electricity, natural gas and other utilities. The proposal heads to the House for a vote as legislative leaders are negotiating a package of tax cuts.
State finance officials have warned that Gov. Mike Beebe's proposed balanced budget does not include money for additional tax cuts.
The panel also approved legislation that would raise the tax on private timberland to help the Arkansas Forestry Commission.
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)