AR HB1970

Increases the monthly average net sales threshold for mandatory sales tax prepayment from $200,000 to $500,000 per month

Retailers exceeding the threshold must prepay sales tax via electronic funds transfer beginning January 1 following the July 1 determination date

Payment Option 1: Two payments per month (on the 12th and 24th), each equal to 40% of tax due on monthly average net sales, with balance due by the 20th of the following month

Payment Option 2: Single payment of at least 80% of gross receipts tax liability by the 24th of each month, with balance due by the 20th of the following month

Threshold calculation is based on the preceding fiscal year (July 1 through June 30)