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Arkansas to cut corporate and individual income tax rates

Arkansas to cut corporate and individual income tax rates

The corresponding bills were signed on June 19. The top corporate and personal income tax rates will be reduced starting with tax years beginning on or after January 1, 2024.

The top corporate tax rate is reduced from 4.8% to 4.3%. The maximum individual income tax rate is reduced from 4.4% to 3.9%.

The changes are aimed at supporting the population by reducing the tax burden and the prospect of increasing financial income. The reduced rates should have a positive impact on the state’s economy.

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