taxes

A diverse group of protestors hold signs calling for the cancellation of school loan debt

Arkansas officials: No determination yet on tax liability for student loan forgiveness

BY: - August 29, 2022

Arkansas tax authorities haven’t yet decided whether borrowers must pay state income tax on canceled debt under President Joe Biden’s student loan forgiveness plan. Discharged debt is typically taxable as income. However, under the American Rescue Plan Act, student loan forgiveness between 2021 and 2025 is not subject to federal taxes. ¬†Arkansas is one of […]

Arkansas income tax rate changes explained

BY: - August 16, 2022

The Arkansas General Assembly last week convened in special session primarily to enact tax relief.¬† The law, which easily passed the House and Senate, was billed by proponents as relief for taxpayers in a time of high inflation. Several also referenced the $1.6 billion surplus the state ended with in fiscal 2022. Opponents argued that […]