LITTLE ROCK, Ark. – The special session of the Arkansas General Assembly called by Gov. Asa Hutchinson to address tax bills has ended and the state Senate has adjourned.
The second special session this year wrapped with all seven items on the governor’s agenda passed, with the big ones being tax cuts and the provisions in statute to assist with a possible U.S. Steel project in eastern Arkansas.
Supporters said the tax cuts will simplify the state tax code, reducing the corporate rate to 5.3% and the individual rate to 4.9% over time.
When fully implemented, the cuts will be an estimated $500 million loss to the state’s budget.
There was a change to the recycling tax credit law, and lawmakers moved $50 million to a fund to assist with a potential $2-plus billion investment by U.S. Steel in the operation in east Arkansas.
There were attempts to take up other matters Thursday morning, but both the House and the Senate voted to not extend the session and therefore the business at hand is complete.
The governor signed the bills Thursday at a 1:30 p.m. news conference.