Ark. Senate approves $140M tax cut package
By ANDREW DeMILLOAssociated Press
LITTLE ROCK (AP) - The Arkansas Senate has approved a package of tax cuts that is estimated to eventually cost the state about $140 million a year.
The Senate on Thursday passed a dozen bills that included proposals to cut the state's taxes on income, capital gains and manufacturers' utility bills. The proposals also include tax cuts for armed service members and some farmers. The measures now head to the House.
The proposals are expected to cost the state $10.7 million in the coming fiscal year and will eventually cost the state about $140 million a year.
Senators also approved Gov. Mike Beebe's proposal to cut the grocery tax if the state's bond obligations for school desegregation payments decrease by $35 million over a six-month period.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)