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Tax Summary
- Arkansas assesses income tax on a sliding scale ranging from 1% to 6.5% depending upon how much you earn. It is very similar in set-up to the Federal guidelines
- Personal tax credit for a single individual is $20. Exemption for a married couple is $40. Dependents earn an exemption of $20 each.
- Sales tax in Alabama is 6% (except in Texarkana, where it is 7%), although some cities add their own city sales taxes as well.
- There is an Income Tax Surcharge of 3% for all residents, including residents of Texarkana, who are otherwise exempt from Arkansas income tax.
- Over the age of 59.5, the first $6,000 of your IRA distribution is exempt from taxation.
- There is an alcohol tax for all alcoholic beverages served in any public restaurants, bars or taverns. This ranges from 4% to 10%.
- Property taxes are determined by individual counties based on millages.
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