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AR HB1818
Bill
Status
5/1/2023
Primary Sponsor
Howard Beaty
Click for details
AI Summary
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Increases the threshold for Arkansas retailers required to prepay sales tax from $200,000 to $500,000 in average monthly net sales for the preceding fiscal year.
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Retailers meeting the $500,000 threshold must begin prepayment by electronic funds transfer starting the following January 1.
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Maintains two payment options: either two monthly payments of 40% each on the 12th and 24th of each month, or a single payment of at least 80% by the 24th, with the balance due with the monthly tax report by the 20th of the following month.
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Declares an emergency effective July 1, 2023, citing that current prepayment calculation methods do not provide adequate compliance time for businesses.
Legislative Description
To Amend The Law Concerning The Prepayment Of Sales Tax; To Increase The Threshold For The Requirement That Certain Retailers Prepay Sales Tax; And To Declare An Emergency.
Last Action
Died in Senate Committee at Sine Die adjournment.
5/1/2023