- Associated Press - Tuesday, January 27, 2015

LITTLE ROCK, Ark. (AP) - A House panel has advanced Arkansas Gov. Asa Hutchinson’s middle class tax cut package after restoring a portion of a capital gains tax break it would have repealed.

The House Revenue and Taxation Committee on Tuesday endorsed Hutchinson’s proposal to cut taxes by 1 percent for those making between $21,000 and $75,000 a year. The Senate approved the measure last week and it now heads to the full House.

The panel backed the measure after scaling back its proposal to repeal a capital gains tax break lawmakers approved two years ago. Restoring a portion of the break adds about $9.7 million to the cost of the legislation.

Hutchinson, a Republican who was sworn in earlier this month, campaigned on the middle class income tax proposal last year.


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