AR SB270

Defines "consignment sale" as a transaction where an owner gives possession of tangible personal property to another person for sale while retaining legal title and receiving a portion of proceeds.

Excludes auctions with disclosed principals, residential garage/yard sales, church sales exempt under existing law, and charitable organization sales from the consignment sale definition.

Makes gross receipts and gross proceeds from consignment sales subject to Arkansas Gross Receipts Tax and Arkansas Compensating Use Tax.

Removes consignment sales from the existing exemption for isolated sales not made by an established business.

Requires the Director of the Department of Finance and Administration to promulgate rules for implementation, effective the first day of the calendar quarter following the act's effective date.