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Governor Asa Hutchinson signs $50 million tax cut proposal into law

~Governor Hutchinson’s office~

LITTLE ROCK – Gov. Asa Hutchinson today signed into law the $50 million tax cut he laid out as a part of his package for the 2017 legislative session.

The tax cut signed into law today represents Governor Hutchinson’s second round of reductions to the state income tax. While Hutchinson’s first tax cut targeted middle income levels, his second round of cuts focuses on the state’s lower income levels by providing tax relief to Arkansans who earn less than $21,000 annually.

Governor Hutchinson issued the following statement: 

“I appreciate the legislature’s overwhelming bipartisan support for my $50 million tax cut, and I am proud to be able to sign this bill into law today. With today’s actions, we will have provided $150 million in substantive income tax relief to nearly 1.3 million Arkansans in the past year. In fact, 90% of the state’s individual income taxpayers will have benefited from substantive tax relief legislation since I took office in 2015. 

“While I know some were hoping for much larger tax cuts, it is clear that this is the most responsible and conservative reduction that we could make at this time. I look forward to working with the legislature and the task force to identify how we can responsibly lower the burden on Arkansans and make us more competitive with our surrounding states.”

To view the photo album of today’s tax cut signing, go HERE.  Media outlets are welcome to use photos. Please attribute credit to the Governor’s Office.

To view video of the tax cut signing, go HERE.

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