AR SB527

Requires remote retailers that do not collect Arkansas compensating use tax to notify Arkansas residents at the time of sale when purchases total $500 or more, informing them the purchase is subject to compensating use tax and that they must file a consumer use tax form.

Mandates retailers send annual notifications by January 31 to qualifying purchasers containing total amount paid in previous calendar year, purchase dates, amounts, item descriptions, and tax exemption status if known.

Requires retailers to mail notifications separately by first-class mail with "Important Tax Document Enclosed" marked on the exterior and identifying the retailer.

Obligates retailers to file annual statements with the Department of Finance and Administration by March 1 showing total amounts paid by Arkansas purchasers during the preceding calendar year for purchases of $500 or more.

Allows the Department of Finance and Administration to exempt retailers from notice and reporting requirements upon demonstration of undue hardship and authorizes the director to promulgate rules and develop forms for implementation.