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AR HB1450
Bill
Status
5/1/2023
Primary Sponsor
Jeremiah Moore
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AI Summary
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Repeals Arkansas Code § 26-18-208(6), which previously imposed a 10% annual penalty on taxpayers who failed to pay at least 90% of their estimated quarterly income tax on each due date.
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Eliminates the quarterly estimated income tax payment penalty for individual taxpayers, including provisions for quarterly application, annualized computation for uneven income, and various exemptions.
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Amends Arkansas Code § 26-65-107(d) to clarify that affected business entities making underpayments of estimated tax remain subject to penalties and interest under § 26-18-208.
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Applies retroactively to tax years beginning on or after January 1, 2023.
Legislative Description
To Amend The Additional Penalties Provided For Failure To Comply With State Tax Procedure; And To Repeal The Additional Penalty For Failing To Make Required Quarterly Estimated Income Tax Payments.
Last Action
Died in House Committee at Sine Die Adjournment
5/1/2023