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House, Senate approve tax cut plans

The Senate and House on Wednesday approved identical versions of the tax cut package, which...
The Senate and House on Wednesday approved identical versions of the tax cut package, which will cost nearly $500 million when fully implemented in 2026. (Source: KAIT)
Published: Dec. 8, 2021 at 2:02 PM CST|Updated: Dec. 8, 2021 at 10:01 PM CST
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LITTLE ROCK, Ark. (KAIT) - The Arkansas legislature approved a pair of tax cut bills Wednesday, with final approval slated for Thursday.

The House voted 82-16 on HB1001, while the Senate voted 30-4 on SB1.

Content partner KARK said Wednesday that while approval was bipartisan, there was strong debate on the issue.

Rep. David Ray (R-Maumelle) said the tax cuts were needed to compete in a regional and global economy.

“We are in a constant competition with other states and, yes, other countries for jobs, for new movers, for new capital, for investment,” Rep. Ray said.

However, other lawmakers like Sen. Joyce Elliott (D-Little Rock) said she believes the state should focus on other issues like pre-K.

“Of course we can afford a big tax break if we’re not taking care of so many other things we need to take care of in our state,” Sen. Elliott said.

Officials have said the bills are the largest tax cut in the state’s history.

Lawmakers are expected to be in Little Rock Thursday for the third day of the special session.

Copyright 2021 KAIT. All rights reserved.

The Associated Press contributed to this report.