On 10 April 2023, the Governor of the U.S. State of Arkansas signed Senate Bill (SB) 549 into law, providing both individual and corporate income tax cuts. This includes a reduction in the top individual income tax rate from 4.9% to 4.7% and a reduction in the top corporate income tax rate from 5.3% to 5.1%. The tax cuts are effective for tax years beginning on or after 1 January 2023.