Several tax rates in Arkansas will drop Friday due to new laws that go into effect on July 1, the beginning of fiscal 2012. The tax bills were included in the 602 measures passed by the General Assembly in 2011.

The biggest revenue reduction comes from Act 755, which lowers the sales tax on groceries to 1.5% from the current 2%. It is expected to reduce revenues by $20.8 million in fiscal 2012 and $23.4 million in fiscal 2013.

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