Ark. House speaker amends capital gains tax bill - KATV - Breaking News, Weather and Razorback Sports

Ark. House speaker amends capital gains tax bill

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LITTLE ROCK, Ark. (AP) - Arkansas House Speaker Davy Carter says he's compromising with Democrats by adding an increase to the standard income tax deduction to his capital gains tax cut proposal.

The House Revenue and Tax Committee approved the change on Thursday, as Carter said negotiations continued over which reductions would be included in a final package of cuts.

A Democratic proposal calls for raising the standard deduction income tax reduction - which largely affects low- and middle-income filers - from $2,000 to $5,000.

Carter's bill would raise the standard deduction from $2,000 to $2,400 over three years.

The panel also approved a proposal to include cotton gins in a separate tax cut for manufacturers.

Gov. Mike Beebe says the Legislature can't afford to cut taxes before reaping savings from a health insurance proposal.

COMPLETE COVERAGE
Beebe Proposes Trigger to End Grocery Tax (Jan. 15)
Ark. lawmakers: No rush on tax cut proposals (Jan. 20)
Arkansas House speaker backs $150M in tax cuts (Feb. 26)
Ark. panel approves tax cut for farm structures (March 14)
Tax exemption for farmers passes Arkansas House (March 18)
Ark. leaders say they're closer to tax cut deal (March 20)
Ark. House panel advances income tax cut bill (March 26)
Beebe: Problem with tax cuts' effective dates (March 27)
Income Tax cuts in Arkansas (April 2)
Ark. House panel OKs tax cut for manufacturers (April 2)
Ark. House speaker amends capital gains tax bill (April 4)
House approves conditional cut in Ark. grocery tax (April 16)
Arkansas House approves package of tax cut bills (April 16)

Ark. Senate committee advances tax cut bills (April 18)
Ark. Senate approves $140M tax cut package (April 19)