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Bank Franchise Tax Report Arkansas Gov Form

Bank Franchise Tax Report Arkansas Gov Form

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the Arkansas Department of Finance has revised its Surplus forecast for fiscal year 2025 the original projection of more than $736 million was cut to 280 million the change came after the state factored in income tax cuts put in place by the general assembly during a special session which happened in June those cuts estimated to cut the state General Revenue by $483 million this fiscal year and by 322 million fiscal 2026 that 483 million now stays with our canons meaning when they pay their taxes next year they're going to pay uh about $500 million less than they would have had that tax cut not been passed so we subtracts the 483 million from the 763 million which gets us to a surplus of 280 million at the end of the year that forecast indicates a net available Revenue collections of more than $6 billion that would fully fund the General Revenue budget and still maintain a budget surplus fiscal 2025 started June July 1st it'll end June 30th of next year

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