Arkansas lowers income tax rates

Effective for tax years beginning on and after January 1, 2019, Arkansas has enacted legislation that lowers the personal income tax rates. The rate is lowered to 0.75% (from 0.9%) on the first $4,299 of income for residents, individuals, trusts or estates having net income of $21,000 up to $75,000. The rates for residents, individuals, trusts and estates having net income less than $21,000 is lowered to 0% (from 0.9%) on the first $4,299 of income, 2% (from 2.4%) on income of $4,300 up to $8,399, 3% (from 3.4%) on income of $8,400 up to $12,599, and 3.4% (from 4.4%) on income of $12,600 up to $20,999. (Act 78 S.B.115, Act 79 H.B.1159, Laws 2017, effective as noted.)

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