AR HB1535

Amends Arkansas tax law to allocate revenue from sales and use taxes collected from remote sellers without physical presence in the state.

Directs the first $85 million collected from remote sellers to be deposited as general revenues into the State Apportionment Fund.

During the first 12 months of remote seller collections, any revenue exceeding $85 million shall be used to reduce sales and use tax rates for all taxpayers.

Beginning in month 13, remaining revenue from remote sellers shall be split equally: 50% to reduce sales and use tax rates and 50% to reduce income tax rates on the 4.5% income tax bracket.

Becomes effective on the first day of the calendar quarter following the bill's effective date.