LITTLE ROCK (AP) - Arkansas lawmakers are moving closer toward finalizing a package of tax cuts that will eventually cost the state about $120 million a year.
The Senate Revenue and Taxation Committee voted Thursday to advance a package of a dozen tax cut proposals. The full Senate was expected to vote on the bills Thursday afternoon.
The package includes proposals to cut Arkansas' taxes on income, capital gains and manufacturers' utility bills. The proposals are expected to cost the state about $10 million in the coming fiscal year.
Finance officials say the proposals will eventually cost the state $120 million annually.
The panel also advanced 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 COVERAGE
Beebe 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)