AR SB9

Amends Arkansas Code § 26-52-322(b)(2) to exempt certain withdrawals of goods from inventory (stock) from gross receipts tax and compensating use tax calculations by valuing them at $0.00 instead of fair market value.

Exempts withdrawals to nonprofit organizations described in 26 U.S.C. § 501(c)(3) (as of January 1, 2017), public educational institutions, and nonprofit churches from sales and use tax.

Exempts withdrawals of goods to private individuals who suffered damage or loss from a natural disaster, provided the individuals reside in a Governor-declared disaster area and the business provides a sworn affidavit to the Department of Finance and Administration documenting the withdrawn items and recipients.

Continues to impose sales and use tax on withdrawals of alcoholic beverages and tobacco products, and on withdrawals for consumption or use in the established business itself.

Takes effect on the first day of the calendar quarter following the act's effective date.