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AR SB38
Bill
Status
5/1/2023
Primary Sponsor
Jim Dotson
Click for details
AI Summary
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Amends Arkansas Code § 26-51-703 to modify the definition of "taxpayer taxable in another state" by removing the requirement that taxpayers have activities in other states exceeding those protected by 15 U.S.C. §§ 381-385.
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Amends Arkansas Code § 26-51-716 to simplify sales apportionment rules for tangible personal property by eliminating the provision regarding property shipped from Arkansas facilities when the purchaser is the U.S. government or taxpayer is not taxable in the purchaser's state.
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Repeals the throwback rule, which previously required sales to be attributed to Arkansas when a taxpayer was not taxable in the destination state.
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Effective for tax years beginning on or after January 1, 2023.
Legislative Description
To Amend The Income Tax Provisions Concerning The Apportionment Of Business Income; And To Repeal The Throwback Rule.
Last Action
Sine Die adjournment
5/1/2023