LITTLE ROCK, Ark. (AP) -- Arkansas' governor has signed into law his $97 million plan to cut the state's top income tax rate over the next two years.
Republican Gov. Asa Hutchinson on Tuesday signed legislation that will cut the state's top rate from 6.9 percent to 5.9 percent. The proposal won final approval in the majority-Republican Arkansas Legislature last week.
Hutchinson won re-election in November on a promise to push for further cuts to the state's income taxes. Lawmakers approved Hutchinson's proposals to cut income taxes for low- and middle-income taxpayers during the governor's first term in office.
State finance officials say approximately 579,000 taxpayers with net taxable incomes of more than $38,200 will receive a cut under the measure, though critics have said the benefits are skewed heavily toward the state's highest earners.