5 States with Income Tax Cuts in 2024

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1. Arkansas

Corporate Income Tax in 2024: 4.80%

Corporate Income Tax in 2023: 5.30%

Personal Income Tax in 2024: 4.40%

Personal Income Tax in 2023: 4.90%

Arkansas reduced the top marginal corporate tax rate to 5.30% on January 1, 2023, which has been reduced to 4.80% on January 1, 2024. The state’s personal income tax is set at 4.40%, down from 4.90%. Arkansas is placed first among the states with income tax cuts in 2024. 

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