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AR HB1940
Bill
Status
4/22/2015
Primary Sponsor
Mickey Gates
Click for details
AI Summary
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Exempts goods withdrawn from stock and provided to nonprofit organizations described in 26 U.S.C. § 501(c)(3) from gross receipts tax and compensating use tax, valuing such withdrawals at zero dollars ($0.00)
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Extends the same zero-dollar tax valuation to goods withdrawn for public educational institutions and nonprofit churches (excluding alcoholic beverages and tobacco products)
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Allows private individuals who suffered damage or loss from natural disasters in Governor-declared disaster areas to receive goods from stock without sales and use tax if the business provides a sworn affidavit to the Department of Finance and Administration
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Maintains existing tax requirements for alcoholic beverages and tobacco products regardless of recipient, and for goods withdrawn for business consumption or use
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Takes effect on the first day of the calendar quarter following the bill's enactment date
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
Died in House Committee at Sine Die adjournment.
4/22/2015