News & Media
Session to provide $450 million in individual tax relief, $50 million for school safety
LITTLE ROCK – Governor Asa Hutchinson today issued a call for the Third Extraordinary Session of the 93rd General Assembly. The purpose of the Session is to provide immediate tax relief for Arkansans and set aside $50 million for a school safety grant program.
"As inflation rises and the cost of living increases, Arkansans need more money in their pockets," Governor Hutchinson said. "With a record surplus in the last year fiscal year, we have the ability to provide financial relief and ensure our children can be protected in their schools."
Governor Hutchinson's call consists of the following items:
The above tax provisions will provide financial relief for Arkansans of all income levels. The alignment of Arkansas law with the federal depreciation schedule will also provide relief for business owners by accelerating the depreciation of their assets and allow for an easier calculation of their tax bill.
The $50 million for a school safety grant program comes after the Arkansas School Safety Commission presented their interim report to Governor Hutchinson on August 2nd. This program will provide funding for school districts to increase security measures on their campuses.
The Governor's Call can be found HERE.