The state of Arkansas passed Act 2 which is the biggest tax cut in the State Of Arkansas history.

If you are like I am this time of the year is when we are patiently waiting on our W2's so we can file our taxes and get some money back to either pay some bills or even get ahead so we can plan for our Summer vacation.

If you do live in the city limits of Texarkana and work on the Texarkana Arkansas side like my family does you are exempt from Arkansas state taxes. If you are outside the city limits and do pay Arkansas State income taxes this story is for you for sure. This is what Arkansas Governor Asa Hutchinson said in a recent weekly address:

"Now after passing the nearly $500 million in tax reductions, we will be getting that number down to 4.9 percent by 2025,"

Arkansas Act 2 is a reduction on the top annual rate of taxes from 5.9 percent down to 5.5 percent with another adjustment in 2023 to 5.3 percent. The law will give low-income families a $60 tax credit as well. These tax cuts will mean some additional food on the table or just a little relief for some Arkansas taxpayers. This can also make Arkansas a little more competitive to the surroundings states for job growth.

Opponents of the tax cut like Arkansas Advocates for Children and Families say that these cuts only help the rich and do little to help lower-income families. They stress that more work is needed to be able to help the working class in Arkansas. These tax cuts went into effect on December 9th.

Will these new tax laws benefit you? Let us know in the comments.

LOOK: What major laws were passed the year you were born?

Data for this list was acquired from trusted online sources and news outlets. Read on to discover what major law was passed the year you were born and learn its name, the vote count (where relevant), and its impact and significance.