LITTLE ROCK, Ark. (KNWA/KFTA) — Governor Asa Hutchinson today, March 25, issued the official call to legislators for an Extraordinary Session of the 92nd General Assembly to convene at 1 p.m. on Thursday, March 26.
The official proclamation can be found here.
I have called this special session of the General Assembly to ask legislators to cover the projected loss in state revenue. I made this decision after days of intense study and discussion with legislators and with leadership at the Department of Finance and Administration. Many Arkansans have lost their job or had their pay cut as COVID-19 has swept through Arkansas. Extending the deadline for individuals to file and pay state income taxes will cost the state millions of dollars, but it is a cost the state must shoulder in order to do the right thing for taxpayers. I will ask all agencies to cut expenses where possible without cutting essential services. We will further tighten the state’s spending in order to lighten the load for Arkansans.Gov. Hutchinson
The special session on Thursday, March 26 is to address a $353 million shortfall that has been projected for Arkansas between now and the end of the fiscal year in June.
The state was already expecting a loss of $160 million due to businesses suffering from COVID-19.
However, that number will grow with the state pushing back the state filing tax deadline to July 15.
Since that new deadline is after the end of the fiscal year, it will create an even greater loss in revenue.