Summary of Tax Cuts
Act 78 of 2017 reduced the income tax rates for lower income Arkansas taxpayers, those with incomes of less than $21,000, beginning in January of 2019. The plan provides a tax reduction to 1.3M taxpayers, with approximately 120,000 taxpayers in the lowest bracket being taken off the tax rolls.
In addition, the act created the “Arkansas Tax Reform and Relief Legislative Task Force” to examine and identify areas of potential reform within the tax laws of Arkansas. A final report will be submitted form the task force in 2018.
|Tax Reform and Relief Act||-25.25M||-50.5M|
Number of Arkansans benefiting: 1,346,415