LITTLE ROCK — Arkansas House members have passed a bill to restore a capital gains tax break that had been reduced to help pay for a middle class income tax cut proposed by Gov. Asa Hutchinson.
The House voted 68-17 Wednesday for the bill and sent it to the Senate. It would raise the percentage of a capital gain that is exempt from the income tax to 50 percent, which would cost the state $6 million in the coming fiscal year and $11 million the following year.
The Legislature repealed part of the 2013 tax break as part of a $102 million tax cut Hutchinson signed into law last month. Hutchinson previously said he's looking into changing his $5.2 billion proposed budget for the coming year to accommodate the extra tax cut.
Read Thursday's Arkansas Democrat-Gazette for full details.