Mullenix & Associates
The Arkansas General Assembly concluded its special session today, June 19 after three jam-packed days of legislative activity. Since convening on Monday, June 17, members have passed several measures, including an appropriation bill for the Arkansas Game and Fish Commission (AGFC).
The AGFC is now authorized to spend up to $177 million on employee pay, personal services, and operating expenses during FY2025. The legislation also increased the maximum authorized salary for the AGFC director to approximately $170,000 while requiring the Legislative Council or Joint Budget Committee’s approval for any future salary increase exceeding 5%.
Additional special session highlights include:
- The House and Senate overwhelmingly approved bills to cut the top individual income tax rate from 4.4% to 3.9%, benefiting 1.1 million taxpayers making more than $25,000. Members also voted to reduce the top corporate income tax rate from 4.8% to 4.3%, impacting approximately 7,800 entities with net incomes exceeding $11,000. Both measures are retroactive to January 1, 2024.
- The General Assembly voted to transfer $290 million of the $708.1 million in estimated general revenue surplus funds to the Arkansas Reserve Fund Set-Aside.
- Legislators approved bills to increase the homestead property tax credit from $425 to $500 per parcel, effective for assessment years starting January 1, 2024. They bumped the credit from $375 to $425 per parcel in the 2023 regular session.