12.27.22 – THV11 – LITTLE ROCK, Arkansas —
Here are Arkansas laws that will go into effect in 2023 · Corporate tax rate reduction · Decrease in state income taxes · Alcohol sales on Sunday.
Not only is THV11 your Election Central when it’s time to vote, but all year round— especially, when those laws you voted on go into effect.
Corporate tax rate reduction
Starting January 1st, a corporate tax rate reduction will go into effect.
Businesses will go from having to pay 5.9% to 5.3% of the top corporate income tax rate, which will be an average annual savings of $13,601 dollars.
Scott Hardin, a spokesperson for the Department of Finance and Administration, said there are almost 30,000 companies in the state that pay this tax ranging from small businesses all the way to large companies.
“It’s obviously more money to the bottom line for these companies, and I think, more importantly, it makes Arkansas more competitive with our surrounding states,” Hardin explained.
Decrease in state income taxes
Arkansans will start to see the benefits of a lower state income tax in the upcoming year.
The rate change was passed in 2021, and now it will show up on next year’s tax returns.
This year, that income tax was decreased to 4.9%. It’s expected that after the 2023 tax returns Arkansans will save more than $295 million.
Hardin said this is the lowest income tax rate Arkansas has had since first implementing the tax.
Alcohol sales on Sunday
Two more cities will be able to buy and sell alcohol on Sunday.
Bentonville and Rogers can begin doing that on January 1st. There are now 21 cities in Arkansas that have voted to approve Sunday alcohol sales.
Record numbers for sports betting
For the first time, Arkansans will have mobile betting for the Super Bowl and March Madness.
The state expects these events will bring in the some of the biggest betting numbers ever seen.
Sports betting has been legal in Arkansas since 2019, but mobile sports betting wasn’t approved until February of this year— and casinos didn’t have their apps ready until later.
In 2021, $67 million dollars were wagered on sports.
Since November 2022, almost $160 million in sporting bets have been placed in Arkansas.