Number of income tax refunds up 21% in 2024
- Posted Date: 03/13/2024
- Office: All DFA
- News:
FOR IMMEDIATE RELEASE:
March 13, 2024
FOR MORE INFORMATION:
Scott Hardin, DFA501-352-9351, scott.hardin@dfa.arkansas.gov
Number of Arkansas income tax refunds up 21% in 2024
More than 326,000 refunds issued to date
LITTLE ROCK, Arkansas (March 13, 2024) – The Arkansas Department of Finance and Administration (DFA) has issued 326,347 individual income tax refunds since filing season opened January 29. This is an increase of 56,844 refunds from the same time frame in 2023, when refunds totaled 269,503.
More than $151.5 million has been issued to taxpayers through individual income tax refunds in 2024.
As a result of two income tax cuts passed by the Arkansas General Assembly and signed by Governor Sarah Huckabee Sanders in 2023, the top individual income tax rate was reduced from 4.9% to 4.4% effective January 1, 2024. Legislation also provided a $150 individual income tax credit that will result in taxpayers saving $156 million in 2024.
“I was proud to sign two tax cuts last year that returned more than $300 million to Arkansas taxpayers. Arkansans are moving quickly to take advantage of the tax credits included in that legislation, demonstrating the wide-ranging and positive effects these cuts are having on our economy,” said Governor Sanders.
Approximately 92% of taxpayers in Arkansas now file their individual income tax returns online while the remaining 8% send a hard copy return to the state.
“Taxpayers are understandably eager to file and receive refunds this year,” said DFA Secretary Jim Hudson. “Thanks to Governor Sanders and the General Assembly, Arkansans are empowered to determine how their money is spent as they keep hundreds of millions of dollars in their pockets.”
The deadline to submit an individual income tax return on the state and federal level is April 15, 2024. Taxpayers can check the status of a refund at ATAP - Refund Check (arkansas.gov) or call 501-682-1100.
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