Arkansas House Passes Capital Gains Tax Cut

Just moments ago, the Arkansas House passed HB 1002, a bill that will eliminate taxes on net capital gains that are earned on property that was acquired after July 1, 2011 or is owned for more than a year before sale.

The measure passed the house by a vote of 53 to 43, with one member voting “present”–a vote that is very appropriately displayed as “yellow” on the house jumbotron.  The member voting present was Representative Darrin Williams (D-Little Rock). 

[I do not care what political party or ideology you are beholden to:  you were elected by the people of your district to make decisions & to represent them.  Good grief.  Take a stand for the people who sent you to do their work.]

A big round of applause for the House Republican caucus.  Their impact (and the impact of our new Republican Lieutenant Governor) has been clearly seen during this session.  The people of Arkansas will benefit greatly.

Also, a special thanks to Representative Ed Garner (R-Maumelle) for sponsoring this bill & working towards its passage.  The bill sends a clear sign to businesses across the country that we want them here in Arkansas. 

The bill now heads to the Senate Revenue & Tax Committee for consideration.

Nicholas Horton is the Editor of The Arkansas Patriot & former Searcy City Council candidate.  In his spare time, he volunteers for various political causes.  Contact Nicholas at arkansaspatriot@gmail.com & follow him on Twitter.

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