AR HB1599

Amends Arkansas Code § 26-53-126 to allow taxpayers replacing stolen motor vehicles, trailers, or semitrailers to calculate sales and use tax based on the net difference between the stolen item's value and the replacement item's purchase price, rather than the full purchase price.

Stolen item value is determined by its most recent personal property tax assessment, while the sales price is the total consideration paid for the new or used replacement vehicle.

Taxpayers must meet four eligibility criteria: maintain a current personal property tax assessment for the stolen item, pay all taxes owed on it, provide a valid police report from an Arkansas law enforcement agency documenting the theft, and replace the item within 120 days of the reported theft date.

Takes effect on the first day of the second calendar month following the act's passage.