AR HB2062

Creates a new mechanism to transfer excess revenues from remote seller sales tax collections (sellers without physical presence in Arkansas) to four state funds: County Aid Fund, Municipal Aid Fund, General Revenue Allotment Reserve Fund, and State Highway and Transportation Department Fund, each receiving 25% of amounts exceeding $15,000,000 annually.

Repeals provisions that would have allowed income tax rate reductions when remote seller sales tax collections exceed $70,000,000 in the first twelve months of collection.

Eliminates the automatic elimination of food and food ingredients sales tax when remote seller sales tax collections reach 150% of food tax revenues, instead requiring specific conditions related to declines in education and bond funding to trigger the tax elimination.

Applies the same conditions and triggers for eliminating the compensating use tax on food and food ingredients as the sales tax on food.

Makes all amendments effective on the first day of the calendar quarter following the bill's enactment.