Skip to content

NFIB Thanks Governor Hutchinson for Signing HB 1002

NFIB Thanks Governor Hutchinson for Signing HB 1002

August 12, 2022 Last Edit: June 5, 2025

NFIB Thanks Governor Hutchinson for Signing HB 1002

NFIB State Director Sylvester Smith released the following statement today applauding Gov. Asa Hutchinson’s decision to sign House Bill 1002, legislation that would reduce state income tax rates on small business owners and other Arkansans:

“On behalf of our small business members, I want to thank the legislature for passing House Bill 1002 and Governor Hutchinson for signing it into law so quickly.

“HB 1002 is commonsense legislation that’s going to make a difference to Arkansas’s small businesses. Lowering the corporate income tax from 5.9% to 5.3% will help stimulate growth, but what’s really going to help Main Street businesses is reducing the individual tax rate from 5.5% to 4.9%. Most small businesses in the state are organized as pass-through entities, meaning their owners pay taxes at the individual rather than the corporate rate.

“Cutting taxes is going to help everyone who’s dealing with high prices. It’s going to relieve some of the financial pressure on Arkansas families and give small businesses more of a cushion to help them get through this economic upheaval.”

 

Get to know NFIB

NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.

Receive our newsletter and email notification
Knowledge is power. Let us help you stay informed with breaking legislative news, regulatory updates, business tips, and more.

Related Articles

July 4, 2025
America’s Small Businesses Applaud President Trump, Congress…
Read More
United States Capitol Building Wide Shot
July 3, 2025
NFIB Thanks Congress for Passing Landmark Small Business Tax Re…
NFIB applauds Congress for passing the One Big Beautiful Bill Act, which in…
Read More
July 2, 2025
NFIB Jobs Report: Job Openings Remain a Challenge for Main Stre…
Labor quality remains a top problem for small businesses.
Read More
July 2, 2025
NFIB Key Votes One Big Beautiful Bill Act in U.S. Senate and Ho…
NFIB key votes the One Big Beautiful Bill Act in the 119th Congress and urg…
Read More

© 2001 - 2025 National Federation of Independent Business. All Rights Reserved. Terms and Conditions | Privacy Policy | Accessibility