Arkansas Taxpayer Alert: Troubling Local Sales Tax Disclosure and Reporting Bill (SB293)

Arkansas business taxpayers should be concerned about SB293, which would dramatically change administration of certain sales tax refunds and rebates to require disclosure to local cities and counties. This would substantially erode taxpayer confidentiality protections and the additional compliance costs will likely cost taxpayers millions of dollars. Concerned taxpayers may wish to contact their legislators — the bill is scheduled to be heard by Senate Revenue & Tax tomorrow, February 24. [More]

Significant Small Business Tax Relief Bills Pending in the Arkansas Legislature: Coronavirus Aid and SALT Deduction Parity

Two significant proposals for tax relief for small businesses are making their way through the Arkansas General Assembly that promise hundreds of millions of dollars of tax relief: (1) conformity to federal tax exemptions for PPP loan forgiveness and other coronavirus aid and (2) creating an elective tax regime to allow federal deductibility of Arkansas income tax. Similar proposals are being adopted in other states. Interested small business taxpayers should consult with their tax advisors about the potential benefits and may wish to contact their legislators about supporting the bills. [More]