AR HB1789

Repeals the entire Arkansas Corporate Franchise Tax Act of 1979 (Arkansas Code Title 26, Chapter 54), eliminating the annual corporate franchise tax requirement for domestic and foreign corporations doing business in Arkansas.

Removes the requirement for corporations to file annual franchise tax reports with the Secretary of State, which previously included information about authorized shares, issued shares, principal officers, and corporate structure.

Makes conforming changes to benefit corporation reporting requirements by removing references to franchise tax report filing deadlines under the repealed statute and instead referencing May 1 as the deadline.

Removes corporation franchise taxes as a source of revenue for the Educational Adequacy Fund and the State Apportionment Fund, redirecting funding streams that were previously generated by this tax.

Repeals a provision in the general revenues statute (§ 19-6-201) that enumerated corporation franchise taxes as a general revenue source for the state.