LITTLE ROCK — A House leader says Arkansas lawmakers are looking at changing Gov. Asa Hutchinson's tax cut package to restore part of a $21 million capital-gains tax reduction that would otherwise be repealed.
House Revenue and Taxation Committee Chairman Joe Jett said Monday that lawmakers are looking at the change as they try to move quickly on Hutchinson's proposal to cut income taxes 1 percent for those making between $21,000 and $75,000 a year. Jett said the panel could vote Tuesday on the legislation, which the Senate approved last week.
Jett said the change being considered would cut the capital gains exclusion from 50 percent to 40 percent. The proposal approved by the Senate would cut the exclusion to 30 percent, repealing the capital gains tax cut approved two years ago.
Read Tuesday’s Arkansas Democrat-Gazette for full details.