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AR HJR1007
Joint Resolution
Status
Failed
5/1/2023
Primary Sponsor
Lanny Fite
Click for details
AI Summary
- Proposes a 0.50% excise tax on taxable sales of tangible personal property, specified digital products, digital codes, and services subject to Arkansas Gross Receipts Act and Compensating Tax Act
- Tax exempts food and food ingredients, and sales of used motor vehicles, trailers, and semitrailers
- Revenue from the excise tax shall be used solely to reimburse counties for tax revenue reduction from the homestead property tax credit under Amendment 79 and to administer the homestead property tax credit program
- General Assembly retains authority to allocate other existing taxes, including those on food and used vehicles, toward these same purposes
- Amendment becomes effective January 1, 2025, upon voter approval at the next general election
Legislative Description
A Constitutional Amendment To Levy An Excise Tax On Certain Taxable Sales To Reimburse Counties For The Homestead Property Tax Credit And Administer The Application Of The Homestead Property Tax Credit.
Last Action
Died in House Committee at Sine Die Adjournment
5/1/2023
Committee Referrals
State Agencies and Governmental Affairs2/8/2023
Full Bill Text
No bill text available