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Kannapolis considers even deeper tax cut after public hearing on city budget – Salisbury Post 1 growth stock with 20% decline, buy now

LITTLE ROCK, Arkansas (AP) — Arkansas Gov. Sarah Huckabee Sanders called a special session of the House on Tuesday to discuss tax cuts and the budget for the Department of Hunting and Fishing.

The Republican governor said in a post on X that she is calling for a $500 million income tax cut and a $50 million property tax cut during the special session, which is set to begin Monday next week.

“The Democrats in Washington are failing, but we are paving the way for greater prosperity for our people,” Sanders said. wrote.

Sanders proposed cutting the state’s top income tax rate from 4.4% to 3.9% and the top corporate tax rate from 4.8% to 4.3%, effective Jan. 1. The Republican governor also called for an increase in the homeownership tax exemption from $425 to $500.

The announcement comes about a month after lawmakers adjourned this year’s session. without permission a budget for the state Game and Fishing Commission. The move puts the state’s hunting and fishing programs in limbo unless lawmakers pass a budget before the start of the fiscal year on July 1.

The $175 million budget for the agency, which has 636 employees, failed to pass the House of Representatives by the required 75-vote majority, mainly because of objections to an increase in the maximum salary for the director. It was the first time in more than 20 years that lawmakers adjourned a session without approving an agency’s budget.

Sanders has signed two income tax cut bills since taking office in January 2023. She is pushing for the latest cuts as fiscal officials expect the state to end the current fiscal year with a $708 million surplus.

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