Small Business Calls On House to Pass Governor’s Income Tax Reform
NFIB’s state director for Arkansas, Sylvester Smith, said the state’s small business community is urging the House to approve Senate Bill 211, Governor Hutchinson’s income tax reform bill.
“Small business is what powers our economy, and this legislation would make it a lot easier for small businesses to grow and create jobs,” Smith said.
If passed, the bill would reduce state income taxes for the nearly 600,000 Arkansans who earn over $38,200 a year. “That’s important to small business owners because most small businesses in the state are organized as pass-through entities,” such as sole proprietorships, partnerships, LLCs and S corporations, Smith said. That means their owners pay taxes at the individual rate rather than the corporate rate. It’s estimated that S.B. 211 would save Arkansans $196 million in the first three years after it takes effect.
“With the money they save, our small business members can replace old, worn-out equipment, expand their businesses, and hire more people,” Smith said. “That’s why we’re asking the House to join the Senate and pass S.B. 211.”
NFIB is the nation’s leading small business advocacy organization. To learn more about NFIB in Arkansas, visit NFIB.com/AR and follow @NFIB_AR on Twitter.
