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AR HB1921
Bill
Status
3/9/2015
Primary Sponsor
Tim Lemons
Click for details
AI Summary
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Exempts withdrawals of goods from business inventory from sales and use tax when distributed to nonprofit organizations described in 26 U.S.C. § 501(c)(3), public educational institutions, or nonprofit churches.
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Exempts withdrawals of goods from business inventory from sales and use tax when provided to private individuals who suffered damage or loss from a natural disaster in a Governor-declared disaster area.
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Requires a sworn affidavit from the business representative to the Department of Finance and Administration detailing the goods withdrawn and disaster area recipients when claiming the natural disaster exemption.
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Maintains sales and use tax on goods withdrawn for business consumption, alcoholic beverages, and tobacco products regardless of recipient.
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Effective date is the first day of the calendar quarter following enactment.
Legislative Description
To Encourage Charitable Giving And Eliminate Perverse And Absurd Taxes And Disincentives On Charitable Giving; And To Exempt Certain Withdrawals Of Stock From The Sales And Use Tax.
Last Action
Recommended for study in the Interim by Joint Interim Committee on REVENUE & TAXATION- HOUSE
3/31/2015