Arkansas Lawmakers Battle Individual and Corporate Income Taxes

1280x720_80411B00-XPDBA (1)_1527170073870.jpg.jpg

Arkansas lawmakers battled on both sides in the primary elections on Tuesday looking to get Arkansans some relief to head into the 2019 legislative session.

They’ve been busy tackling individual and corporate income taxes. 

For individuals, it comes down to lowering the state’s top income tax rate.

Democratic Representative Bob Johnson would like to see a consolidation of the low, middle and high-income earner tax brackets into one.

“I’d rather help all of Arkansas instead of just a small percentage,” Johnson said. 

Republican Representative Jim Dotson said why not do both.

“Make them much more streamlined easy to understand hey if I make this much this is the bracket I’m in this is the tax I owe,” Dotson said.  

For corporate income taxes, the two lawmakers can agree on changes on three things that determine how much relief a business gets: 

  • Net operating loss, the throwback rule and a single-sales factor.
  • The State Chamber of Commerce and Economic Development Commission often refer to this as the trifecta. 
  • Both sides also agree on growing Arkansas’ economy.

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

FOX24 Video


More News


More Don't Miss

Trending Stories

Follow KNWA & FOX24 on Facebook

get the app

News App

Weather App

Follow @KNWAFOX24 on Twitter

Mega Millions & Powerball Numbers