Arkansas income tax refunds up this year

JONESBORO, Ark. (KAIT) – More Arkansas taxpayers are getting money back this year.

The Department of Finance and Administration announced Wednesday that it has issued 326,347 individual income tax refunds since filing season opened on Jan. 29.

“This is an increase of 56,844 refunds from the same time frame in 2023, when refunds totaled 269,503,” the news release stated.

More than $151.5 million has been refunded so far this year.

“Taxpayers are understandably eager to file and receive refunds this year,” said DFA Secretary Jim Hudson.

The DFA stated two income tax cuts passed by the Arkansas General Assembly and signed into law in 2023 reduced the top individual income tax rate from 4.9 percent to 4.4 percent. The legislation also provided a $150 individual income tax credit, saving Arkansas taxpayers $156 million in 2024.

“I was proud to sign two tax cuts last year that returned more than $300 million to Arkansas taxpayers,” said Governor Sarah Huckabee Sanders. “Arkansans are moving quickly to take advantage of the tax credits included in that legislation, demonstrating the wide-ranging and positive effects these cuts are having on our economy.”

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