Ark. tax cut package a grab bag of interests
LITTLE ROCK (AP) - All taxpayers in Arkansas will see their rates reduced through a $140 million package adopted during this year's session, but the new laws also include a grab bag of breaks for varied interests.
Volunteer firefighters, manufacturers, farmers and armed service members are among the groups to see additional breaks through the dozen tax cut bills that legislators approved and Gov. Mike Beebe signed into law before wrapping up the session last week. The proposals are phased in over time, with the bulk of the cuts not taking effect until July 2015.
Legislative leaders say the cuts are intended to help spur job creation in the state. Beebe says the state can afford the reductions over the next two years, but has warned lawmakers about later costs.Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.