Thursday, June 20, 2024

The Second Extraordinary Session of the 94th General Assembly concluded yesterday. During this session, both the Senate and House passed resolutions and tax cut bills aimed at reducing the financial burden on individuals and businesses. The House also approved the Arkansas Game & Fish Commission appropriation with overwhelming support. These measures, including reductions in individual and corporate income tax rates and an increase in the real property tax homestead exemption, are set to take effect retroactively on January 1, 2024.

Adjournment:

• The Second Special Session of the 94th General Assembly adjourned sine die yesterday (Wednesday, June 19, 2024).

Senate Activities:

• The Senate passed several resolutions and two tax cut bills.

House Activities:

• The House passed several resolutions and two tax cut bills.
• The House passed the Arkansas Game & Fish Commission appropriation with a vote of 92 to 4.

Tax Reductions:

• The legislature lowered individual income tax from 4.4% to 3.9%.
• The legislature lowered corporate income tax from 4.8% to 4.4%.
• The legislature increased real property tax homestead exemption from $425 to $500.