State of Arkansas Reducing State Income Tax Beginning in 2020

The Razorback state is forging ahead with a state income tax rate reduction starting in 2020. By 2021, the income tax rate drop will be one full percentage point.

Typically when a bill is passed in the state Legislature, if it does not have an emergency clause, it will take effect 90 days after we adjourn. But there are occasions when a specific date is written into the bill. This year, we passed several bills that will take effect Jan. 1, 2020. These impact everything from auto insurance to tax brackets.

• Act 182 reduces the top income tax rate from 6.9% to 6.6%. This will lower again to 5.9% in 2021.

Source: The Sentinel-Record

Published by Hoosier Econ

Located out of Central Indiana. Blogger of economics, politics and societal trends.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: