LITTLE ROCK, Ark. (AP) - Arkansas lawmakers are moving closer toward finalizing a package of tax cuts that will eventually cost the state about $120 million a year.
The Senate Revenue and Taxation Committee voted Thursday to advance a package of a dozen tax cut proposals. The full Senate was expected to vote on the bills Thursday afternoon.
The package includes proposals to cut Arkansas' taxes on income, capital gains and manufacturers' utility bills. The proposals are expected to cost the state about $10 million in the coming fiscal year.
Finance officials say the proposals will eventually cost the state $120 million annually.
The panel also advanced Gov. Mike Beebe's proposal to cut the grocery tax if the state's bond obligations for school desegregation payments decrease by $35 million over a six-month period.
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