LITTLE ROCK – Governor Asa Hutchinson reacted Tuesday to the record state surplus and announced his intent to call an Extraordinary Session of the Arkansas General Assembly the week of August 8.
“June revenue collection was more than $150 million above forecast, leaving a net surplus for the year in excess of $1.6 billion for the fiscal year. This represents the largest surplus in Arkansas history and demonstrates the state is collecting too much in tax revenue. Our collections are above last year, despite the tax reductions enacted last year. This growth is attributable to the state’s dynamic job creation coming out of the pandemic and increased consumer buying power.”
“Today, I am announcing I will call a special session of the General Assembly to reduce the rate of our tax collection. The special session will be the week of August 8. The specific items on the call in addition to tax relief will be announced at a later time as further discussions are held with the General Assembly.”
