AR SB525

Reverses Act 819 of 2019 by transferring corporate franchise tax administration and collection from the Department of Finance and Administration back to the Secretary of State, effective immediately upon approval.

Amends multiple Arkansas Code sections to replace all references to the Department of Finance and Administration with the Secretary of State regarding franchise tax reporting, filing requirements, and administration.

Requires corporations to file annual franchise tax reports with the Secretary of State and deliver franchise tax forms to the Secretary of State rather than to the department.

Maintains penalties of $25.00 plus 10% annual interest for failure to comply with franchise tax filing and remittance requirements, with caps limiting total penalties and interest to twice the corporation's tax owed.

Declares an emergency due to taxpayer hardships and compliance issues created by the 2021 transfer, making the act effective upon gubernatorial approval or veto override.