LITTLE ROCK, Ark. – A proposed cut in state income taxes made it through both chambers of the Arkansas General Assembly during the special session Wednesday.
House Bill 1001 and Senate Bill 1 both passed their respective chambers during morning sessions before being sent across the capitol. The mirroring bills both passed with wide support.
Under the plan, the state’s top income tax rate would eventually fall to 4.9% if certain criteria are met and the tax tables would be simplified. These changes could pull nearly $498 million from annual state revenue projections by Fiscal Year 2026.
In addition to the tax bills, each chamber also passed bills amending recycling tax credits, clarifying LLC laws, addressing appointments to the state tax appeals commission and moving funds for a proposed US Steel project in Eastern Arkansas. They also repealed an earlier bill addressing insulin prices.
There was an attempt by Representative Mary Bentley to introduce HB1010, a new abortion bill modeled after the controversial measure passed in the state of Texas. The House Speaker blocked the move, though, noting it was improperly introduced.
The bills passed earlier in the day now switch chambers and will be voted on in those corresponding committees this afternoon.