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Arkansas panel endorses effort to cut top income tax rate

The Arkansas state flag (Photo: KATV)

An Arkansas legislative panel has endorsed the governor's $97 million plan to cut the state's top income tax rate.

The Senate Revenue and Tax Committee on Monday approved the proposal to cut the state's top income tax rate from 6.9 percent to 5.9 percent over the next two years. Republican Gov. Asa Hutchinson last week released a revised tax cut proposal after finance officials said some taxpayers would see an increase under his initial plan.

Hutchinson's initial proposal would have cost the state $192 million once fully implemented.

The full Senate is expected to take up the proposal on Tuesday.

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