AR SB146

Exempts withdrawals of goods from business inventory from gross receipts and compensating use tax when withdrawn for consumption by nonprofit organizations described in 26 U.S.C. § 501(c)(3), public educational institutions, or nonprofit churches, with a value of $0.00 for tax purposes.

Exempts withdrawals of goods (other than alcoholic beverages or tobacco) from gross receipts and compensating use tax when provided to private individuals who suffered damage or loss from a natural disaster in a Governor-declared disaster area.

Requires a sworn affidavit from the business representative to the Department of Finance and Administration detailing the goods withdrawn and the disaster area where each recipient resides.

Maintains existing tax obligations for withdrawals of alcoholic beverages and tobacco products, and for goods withdrawn for business consumption or use.

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