AR HB1942

Creates a joint study between the House Committee on Revenue and Taxation and the Senate Committee on Revenue and Taxation to examine reducing Arkansas sales and use tax rates.

Requires the committees to hold their first joint meeting within 60 days of the bill's effective date, with subsequent meetings at least quarterly, all conducted as open public meetings under the Freedom of Information Act.

Directs the study to examine the feasibility of reducing the state sales and use tax rate by 0.5% and identify methods to offset lost revenue through savings, income growth, or other means.

Requires the committees to file a final written report with the Legislative Council by December 1, 2020, containing their activities, findings, and recommendations.

Notes that Arkansas has one of the highest sales and use tax rates in the nation and establishes the study as a fiscally responsible approach to potential tax relief.