AR HB1435

Changes the basis for calculating sales tax prepayment requirements from the preceding calendar year to the preceding fiscal year (July 1 through June 30)

Applies to Arkansas retailers registered to collect gross receipts tax with average net sales exceeding $200,000 per month, beginning January 1 following qualification

Maintains two payment options for prepayment: either two monthly payments of 40% each by the 12th and 24th, or a single payment of 80% or more by the 24th of each month

Requires balance of actual collections to be remitted with the monthly gross receipts tax report by the 20th of the following month under both payment options

Declares an emergency and makes the act effective July 1, 2023, citing that the current method does not provide adequate compliance time for businesses