Tax cut bill on the move, approved in Senate committee | Arkansas Blog

Wednesday, January 18, 2017

Tax cut bill on the move, approved in Senate committee

Posted By on Wed, Jan 18, 2017 at 10:40 AM

click to enlarge TAX BILL LEADER: Sen. Jim Hendren in committee today. - BRIAN CHILSON
  • Brian Chilson
  • TAX BILL LEADER: Sen. Jim Hendren in committee today.
SB 115, Gov. Asa Hutchinson's proposal to cut the state income tax for those making less than $21,000, zipped out of Senate committee this morning. It will cost $50 million to extend the benefit. It's looking greased.

Advocates for an earned income tax credit as a better way to help poor workers and stimulate the economy are continuing to press their case. But, they acknowledge, both the tax cut and the EITC aren't likely to be approved. That means the governor's bill is the odds-on favorite to make it through.

PS: A reader notes a point worth remembering. This tax cut takes effect for the tax year of 2019. So it might be felt in withholding on paychecks in 2019, but shows up offically on tax returns filed in 2020, three years from now. That is, this tax cut has no impact on revenue until January of 2019 at the earliest, the second half of a fiscal year budgeted a year from now.

Tags: , ,

From the ArkTimes store



Showing 1-1 of 1

Add a comment

Subscribe to this thread:
Showing 1-1 of 1

Add a comment

More by Max Brantley

Readers also liked…

  • Auditor Lea caught not telling the truth

    State Auditor Andrea Lea, who began her tenure in statewide office with a degree of competence unseen in some other Republican counterparts (think Treasurer Dennis Milligan particularly), is becoming more deeply mired in a political scandal.
    • Mar 4, 2016
  • Today in Trump: Obstruction of justice anyone?

    It's the New York Times with the news today. Fired FBI Director James Comey kept notes of his talks with Donald Trump. A memo he wrote in February after a meeting with Trump said the president asked him to shut down the investigation into Michael Flynn, his former national security adviser.
    • May 16, 2017
  • Another Republican miracle-working governor

    Great piece in Washington Post on the budget crisis in Louisiana. Big tax cuts and corporate welfare will do that to a state, particularly to a state whose previous governor, Republican Bobby Jindal, refused to join the Obamacare-funded Medicaid expansion. There's a lesson there for Arkansas.
    • Mar 4, 2016

Most Shared

Most Viewed

Most Recent Comments



© 2017 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation