Gov. Asa Hutchinson signs largest state income tax cut in Arkansas history

"This is a cumulation of a lot of work, over many years, to meet this point," Governor Asa Hutchinson said.

Per THV11:

Historic cuts are coming to Arkansans income taxes. 

Governor Asa Hutchinson signed the largest state income tax cut in Arkansas history on Thursday, Dec. 9. 

It didn't take long for lawmakers to approve the measures. 

The Senate and House adjourned the special session on Thursday morning, and as soon as the bill landed on the governor's desk, he was ready to sign it within hours. 

It's a historic plan that Gov. Hutchinson said is an 'incredible success story for this General Assembly and special session.'

"This is a culmination of a lot of work, over many years, to meet this point," he said.

Hutchinson signed the tax-cut bill into law on Thursday afternoon, just three days into the session that was centered around it.

"We're growing as a state, we're creating jobs and that's producing a climate where we can be more competitive in our tax cuts," he said.

It's a bill that sponsors, like Sen. Jonathan Dismang (District 28), worked on for almost fourth months. 

He said the whole goal is to make Arkansas' tax system simpler, more competitive and a benefit to everyone.

"It does set us on the map, just because of the sheer size and the fact that again, we've got so many people talking about it right now, both individually and business, really looking forward taking effect," Dismang said.

So what exactly will this do?

It will lower the top tax rate for individuals from 5.9% to 4.9% over the next four years. 

Overtime it will cut corporate tax rate to 5.3%.

It will also combine the low and middle-income tax tables and provide a tax credit for people who make less than $23,600. 

According to Dismang, Arkansas taxpayers will see the impact during the upcoming tax season.

"One of the things that I think out of state folks are looking at and and really our in-state folks, too, is that we're being consistent, and we're being conservative with our approach to it," he said.

Even though there was majority support in both the House and the Senate, not everyone was on board. 

Most Democrats, like Sen. Joyce Elliott (District 31), believe the half a billion dollars could be spent to benefit the state in other ways. 

"First of all, there's nobody who doesn't want a tax cut, but first, we should take care of all the things, I think, in Arkansas that are lacking," she said.

Despite some pushback, this tax cut is a major success for the governor, since he's been fighting for this since he took office in 2015.

"They did their business and I am grateful that they did not have an extended session," he said.

He's not the only one though. 

Both Democrat and Republican senators said they were just happy the Special Session ended on Thursday. 

But some, like Sen. Jason Rapert (District 35), motioned to extend the session, so they could vote on his bill, which is similar to the Texas abortion law.