LITTLE ROCK, Ark. – Gov. Asa Hutchinson outlined details for an income tax reduction plan for Arkansas during a news conference Tuesday but noted that a special session to pass the plan would be delayed.
Hutchinson said the outline for the plan would look to include a low-income tax break, combine the low and middle-income tax tables and start a stair-stepping reduction of the top tax rate in the state, lowering from 5.9% to 5.5% then 5.3%
The governor said there also had been discussions on lowering corporate tax rates but noted there was still work being done on that part of the plan.
Hutchinson noted that under these plans that 56.6% of the tax cuts would be to Arkansans making less than $82,000 per year.
While the special session was originally planned to begin on October 25, Hutchinson said Tuesday that date would be pushed back, though he did not give specifics as to when.
He indicated that he hoped to have the session done by Thanksgiving but would not confirm that schedule.