Tax Reform Task Force Sees Draft Bills, Scrutinizes Credit Programs, and Weighs Tax Triggers and Revenue Projections

The Arkansas Tax Reform and Relief Legislative Task Force convened again on September 26 and 27 to hear additional testimony and refine its proposals. It was an eventful day-and-a-half: Draft bills for some Task Force proposals were introduced. The Task Force scrutinized tax credit programs with an eye toward raising revenue. And Task Force members debated how to structure long-term implementation of the Task Force's planned cuts and reforms. [More]

Arkansas Tax Reform Task Force Approves Final Report and Hears DFA's "2-4-5.9/6.5%" Individual Tax Cuts Plan

The Arkansas Tax Reform and Relief Legislative Task Force met last week on August 22 and 23 to review the draft final report and hear additional testimony. The final report was approved without issue. The highlight of the testimony was a thoughtfully designed new plan presented by the Department of Finance and Administration (DFA) that would significantly simplify and cut individual income taxes. [More]

Acting Revenue Commissioner Gehring, Regulation Revisions, and Other News from Tax Advisory Council Meeting

The Arkansas Tax Advisory Council (TAC), an advisory group comprised of DFA leadership and tax professionals, convened for its quarterly meeting on August 14. Leadership from DFA provided an update that Assistant Commissioner Paul Gehring is acting as Commissioner of Revenue while Commissioner Walter Anger is out of the office recovering from a medical situation. In other news, the TAC also heard an update on planned revisions to DFA rules. Proposed major updates to the general sales and use tax rules are expected in the next few months, likely sometime in September or October. The TAC also discussed Wayfair and Arkansas's response. [More]