LITTLE ROCK-The Arkansas legislature completed the 2019 regular session after finalizing a balanced budget of about $5.75 billion in general revenue for next fiscal year. That is about $124 million more than will be spent during the current year.
The state general revenue fund is mostly generated by sales taxes, individual income taxes and corporate income taxes.
The legislature enacted a trio of tax cuts. Act 182 will save Arkansas families more than $97 million a year in lower personal income taxes. It will benefit about 579,000 taxpayers with net taxable incomes greater than $38,200.
Act 808 lowers property taxes for more than 716,000 homeowners, by increasing the homestead property tax credit from $350 to $375. Each year, Arkansas homeowners will save an additional $12.5