Arkansas Governor Sanders implements third tax cut favoring income and property tax reductions

Arkansas Governor Sarah Huckabee Sanders signed legislation to cut property and income taxes in the state, reducing the income tax rate to 3.9% for those making over $25,000 annually and the corporate tax rate to 4.3%. The cuts are part of a series of tax reductions enacted in Arkansas over the past few years. Lawmakers also approved measures to maintain the state's hunting and fishing programs. The tax cuts are estimated to cost $483 million in the first year and $322 million in the following year. Additionally, the legislation mandates setting aside $290 million for emergencies. Supporters argue that the state's surplus of $708 million justifies the tax reductions.