The Arkansas Legislature Approves a $6.3 Billion Budget for Next Year; What’s Next?

LITTLE ROCK, Ark.- Arkansas legislators granted definitive approval to laws delineating the state’s $6.3 billion budget for the upcoming year as they concluded this year’s legislative session.

The proposed Revenue Stabilization Act, which is the state’s budget bill, was approved by both the House and Senate in identical versions. The act has now been sent to Gov. Sarah Huckabee Sanders for her consideration. The proposal replicates Sanders’ budget proposal, which was revealed earlier this year and entails a 1.76% rise in state spending compared to the previous year. The majority of the $109 million rise in expenditure will be allocated to a recently established school voucher initiative, which was implemented as part of an education reform that Sanders approved and enacted last year.

The budget was ratified the day following the approval of new regulations on cryptocurrency mining activities by parliamentarians. This was one of the few non-budget matters discussed during this year’s session.

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Legislative leaders anticipate that there will be conversations before the conclusion of this fiscal year regarding the possibility of convening a special session to address further tax reductions. Since assuming office last year, Sanders has enacted two reductions in income tax through the signing of legislation. Legislators will convene at the Capitol next Monday to officially conclude the session.