Arkansas Gov. Asa Hutchinson says he'll present his balanced budget proposal to lawmakers next week, as legislative leaders prepared to move quickly on the Republican governor's proposed income tax cut.
Hutchinson on Thursday also left open the possibility that his budget proposal may include delaying additional tax cuts lawmakers approved last year. Legislation detailing his tax cut proposal includes delaying portions of a 2013 income tax cut.
Hutchinson is proposing cutting income taxes 1 percent for those making between $21,000 and $75,000 a year. The measure is estimated to cost the state $33.7 million in the coming fiscal year, and $102.1 million the following year.
A Senate panel is expected to take up the legislation as early as Wednesday.
