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AR HB1449
Bill
Status
2/6/2017
Primary Sponsor
Jim Dotson
Click for details
AI Summary
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Repeals Arkansas Code § 26-54-104(7), which previously allowed corporations in liquidation to pay a reduced franchise tax of 0.3% of property value or a minimum of $150
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Adds new subdivision to Arkansas Code § 26-54-105(d) to exempt corporations actually and actively in liquidation from paying franchise tax if they do not rent or lease property and retain their charter solely to wind up affairs
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Changes franchise tax treatment for liquidating corporations from a reduced tax obligation to a complete tax exemption under specified conditions
Legislative Description
To Amend The Annual Franchise Tax For Corporations That Are In The Process Of Liquidation.
Last Action
Recommended for study in the Interim by Joint Interim Committee on REVENUE & TAXATION- HOUSE
3/31/2017