AR SB657

Amends Arkansas Code § 26-52-503 to modify the discount structure for early payment of state sales tax, changing language from "prompt" to "early" payment throughout the statute.

Maintains the 98% payment requirement for taxpayers who remit state and local taxes by the 20th of the applicable month; failure to meet this deadline forfeits the discount and requires full payment plus penalties and interest.

Caps the state tax discount at $1,000 per month for monthly filers and $1,000 per month for each month included in quarterly, annual, or occasional tax reports.

Introduces a declining schedule for city and county gross receipts tax discounts starting January 1, 2018: $5,000 (2018), $4,000 (2019), $3,000 (2020), $2,000 (2021), and $1,000 (2022 and beyond).

Takes effect on the first day of the calendar quarter following the act's effective date, which was April 7, 2017.