Arkansas House OKs 3 separate tax-cut measures | News
LITTLE ROCK, Ark. (AP) - The Arkansas House has approved cutting taxes on capital gains, single-parent incomes and manufacturers' utility bills, brushing aside warnings from Gov. Mike Beebe that they could threaten the state's budget.
By a 53-43 vote, the House on Wednesday passed the proposal by Republican Rep. Ed Garner of Maumelle to eliminate the capital gains tax on new investments in Arkansas companies and property.
State officials say the proposal would cost the state $44.5 million if it goes into effect in the 2012 tax year.
The move came after the House approved a $3.8 million proposal to cut manufacturers' sales taxes on utilities and also approved a $3.7 million tax break for single parents.
Fiscal officials say that, combined, the cuts would cost the state $60 million over the next two years..
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