Tax cuts to be boon for state, Altes says
Posted on Thursday, November 20, 2008
State Sen. Denny Altes, RFort Smith, dusted off several of his tax cut bills that had failed to clear the Legislature in previous years and filed them Wednesday.
“They are all good bills. They would help the economy,” said Altes.
They include: Senate Bill 5 to exempt the sale of all utilities used by manufacturers in the manufacturing process from the sales and use tax. SB 6 to exempt the sale of repair parts and replacement parts used to repair farm equipment and machinery from the sales tax and use tax. SB 7 to exempt the sale of “renewable resource equipment” used as a source of energy or to replace a traditional energy source from the sales and use tax. SB 11 to establish an income tax credit for the education expenses of dependents. SB 12 to exempt items of clothing valued at up to $ 75 from the sales and use tax for a 24-hour period on the first Saturday of each August.
SB 13 to provide an income tax credit for a parent who stays at home with his or her young child.
Sen. Bobby Glover, D-Carlisle, also filed a tax cut bill that had failed to clear a House committee in 2007. His SB 2 would repeal the sales tax levied on mini-warehouse and self-storage rental services, effective Jan. 1, 2011. The tax would be repealed if the state’s chief fiscal officer certifies after July 1, 2010, that net general revenue for the fiscal year ending June 30, 2010, exceeds the amount to fully fund the maximum allocations for revenues for fiscal year 2009-2010 by at least $ 4 million.
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