AR SB560

Exempts charitable withdrawals from stock from Arkansas sales and use tax by setting the gross receipts tax to zero dollars for goods withdrawn by nonprofit organizations described in 26 U.S.C. § 501(c)(3) as of January 1, 2015.

Exempts goods withdrawn for consumption or use by public educational institutions and nonprofit churches from the gross receipts tax and compensating use tax.

Exempts goods withdrawn to aid private individuals who have suffered damage or loss from a natural disaster in a Governor-declared disaster area from sales and use tax.

Requires businesses to provide a sworn affidavit to the Department of Finance and Administration detailing the goods withdrawn and disaster area residency of recipients when claiming the natural disaster exemption.

Becomes effective on the first day of the calendar quarter following the date the act is enacted.