Lawmakers give initial OK to massive tax cut plan

LITTLE ROCK — Arkansas lawmakers on Wednesday gave initial approval to the largest tax cut in the state’s history, as legislative leaders hoped to wrap up a special session without taking up a Texasstyle abortion ban or other items.

The Senate and House approved identical versions of the tax cut legislation, clearing the way for final votes on the plan in both chambers on Thursday.

Republican Gov. Asa Hutchinson called the special session this week to take up the tax cut plan, which is estimated to cost the state nearly $500 million a year once fully implemented in 2026.

The proposal calls for gradually cutting the top individual income tax rate from 5.9 percent to 4.9 percent in 2025. It also includes corporate income tax cuts and a low-income tax credit.

Hutchinson and legislative leaders have said they hoped to keep the session focused primarily on the tax cut legislation, though GOP lawmakers have said they hoped to expand the scope to include the abortion ban and other bills.

It will take a two-thirds vote of the House and Senate to extend the session and consider bills not on the agenda.

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STUTTGART — Citing unprecedented growth in 2021, Riceland Foods announced Wednesday that the cooperative intends to make a $13.2 million plant expansion, which requires additional personnel in order to meet demand. As a result, 80 new jobs are being created across its Stuttgart and Jonesboro plants. Riceland currently employs 1,500 people companywide.

The majority of the expansion will be at the Stuttgart location, including two new packaging lines. The two new packaging lines will enhance the cooperative’s ability to meet the demands of the ever-changing consumer. The expansion will also support additional renovation of existing facilities and updates to existing production lines.

Interim President and Chief Executive Officer Andrew Dallas said the Riceland Board of Directors recognized the evolving marketplace and took steps to position the farmer-owned cooperative for the future.

“Riceland has been a key employer in eastern Arkansas for years,” said Dallas. “We’re excited about the opportunity to grow this segment of our business.”

Governor Asa Hutchinson said Riceland’s addition of 80 new employees is setting the cooperative up for future success.

“I want to congratulate Riceland on its centennial anniversary,” Governor Asa Hutchinson said. “It is always great to see our homegrown businesses thrive and expand. For 100 years, Riceland has fed millions of people around the world and has grown to become a leader in the rice industry. The 80 new jobs being created by the company, along with the $13.2 million expansion, will significantly affect these new employees and their families in Stuttgart and Jonesboro and help Riceland continue on its path of success.”

Executive Vice President and Chief Operating Officer Ben Noble said the business strategy has focused on the expansion of value-added packaged business for some time.

“We appreciate the Governor’s assistance in helping us take advantage of the increased demand in the marketplace,” said Noble.