ARKANSAS – Senate Approves Large Tax Cuts

The Senate has already approved several large tax cuts this session, and another one is on its agenda. Senate Bill 576 will make far-reaching changes in the state corporate income tax code, to the extent that the Department of Finance and Administration will have to update its computers from now until 2024 in order to process them.The Senate Revenue and Taxation Committee advanced the bill, which will be considered soon by the entire Senate. By Fiscal Year 2023, when most of the bill’s provisions are fully in effect, they will save Arkansas businesses more than $57 million a year.