HB1239 Summary

• Repeals the Arkansas Corporate Franchise Tax Act of 1979 (§ 26-54-101 et seq.) and replaces it with a new annual report requirement for corporations under § 4-25-111

• Requires all domestic and foreign corporations organized or qualified in Arkansas to file an annual report with the Secretary of State showing corporation status, officer names, authorized and issued capital stock, and other information specified by the Secretary of State

• Establishes that annual report information is confidential except for publicly available details including corporation name, address, officer names, authorized and outstanding capital stock, and state of incorporation

• Exempts nonprofit corporations, tax-exempt organizations, partnerships, and limited partnerships from the annual reporting requirements

• Makes conforming changes throughout Arkansas Code to reference the new annual report provisions instead of the repealed franchise tax statute, affecting benefit corporations, protected series, and limited liability companies