House advances capital gains tax cut

An Arkansas House panel has recommended cutting the capital gains tax and a tax on utilities for manufacturers, reports the Associated Press. Over Gov. Mike Beebe’s warning that the state can’t afford the loss in revenue, the House Revenue and Taxation Committee on Tuesday advanced the tax cut bills to the full House for a vote.

On proposal by Republican Rep. Ed Garner of Maumelle would eliminate the capital gains tax on new investments in Arkansas companies and property. The proposal would take effect in the 2012 and would take $44.5 million out of state revenue.

Another proposal by GOP Rep. Lane Jean of Magnolia, would cut the tax manufacturers pay on utilities by a half-percent, costing the stat $3.8 million yearly. The only tax cut Beebe supports is the half-percent sales tax reduction.

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