Tax reform bill passed
The House began this week by passing an income tax reduction for Arkansans making less than $21,000 a year. In a vote of 90-2, with five members voting present, the House passed HB1159 also known the Tax Reform and Relief Act of 2017.
The legislation passed this week creates a legislative task force to explore future tax reform. The task force is required to complete a report by September 1, 2018. The report will include proposals for tax cuts and job growth.
The House passed two other tax-related measures this week. HB1157 makes clear that Arkansans have only one homestead property tax credit per year. And HB1156 requires that Arkansas corporate income tax returns be filed by April 15 beginning this year.
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