Ark. Code Ann. § 26-54-105 (2020)
Franchise tax reports. [Effective May 1, 2021.]
“I declare, under the penalties of perjury, that the foregoing statements are true to the best of my knowledge and belief.”
History. Acts 1979, No. 889, § 4; A.S.A. 1947, § 84-1836; Acts 1987, No. 19, § 2; 1989, No. 502, § 1; 1991, No. 1046, § 1; 1991, No. 1140, § 1; 1995, No. 772, § 1; 1999, No. 1056, § 1; 1999, No. 1598, § 2; 2003 (2nd Ex. Sess.), No. 94, § 3; 2005, No. 883, § 1; 2007, No. 865, § 2; 2017, No. 458, § 1; 2019, No. 819, § 20.
A.C.R.C. Notes. Acts 2019, No. 819, § 1, provided: “Title. This act shall be known and may be cited as the ‘Arkansas Tax Reform Act of 2019’”.
Acts 2019, No. 819, § 2, provided:
“Legislative findings and intent.
“(a) The General Assembly finds that:
“(1) The Arkansas Tax Reform and Relief Legislative Task Force was charged with:
“(A) Examining and identifying areas of potential tax reform within the tax laws; and
“(B) Recommending legislation to the General Assembly, in part, to modernize and simplify the Arkansas tax code and ensure fairness to all taxpayers;
“(2) There are several areas of the tax code that should be amended to reform the state's tax laws to modernize and simplify the tax code and ensure fairness to all taxpayers; and
“(3) Any savings realized by the state through tax reforms should be dedicated to reducing the tax burden for Arkansas taxpayers.
“(b) It is the intent of the General Assembly to:
“(1) Reform Arkansas tax laws to modernize and simplify the tax code and ensure fairness to all taxpayers; and
“(2) Offset any revenue savings realized through tax reform with corresponding changes to reduce the tax burden for Arkansas taxpayers”.
Publisher's Notes. For text of section effective until May 1, 2021, see the preceding version.
Amendments. The 2017 amendment substituted “of the corporation as of the close of business on the last day of the corporation's preceding fiscal year” for “as of the close of business on December 31 of the preceding calendar year” in (c)(1); and made stylistic changes.
The 2019 amendment rewrote the section.
Effective Dates. Acts 2017, No. 458, § 2: effective for tax years beginning on or after January 1, 2017.
Acts 2019, No. 819, § 26(a): May 1, 2021. Effective date clause provided: “Sections 3-17 and 20-24 of this act are effective on and after May 1, 2021”.
Research References
U. Ark. Little Rock L.J.
Survey — Corporations, 10 U. Ark. Little Rock L.J. 549.
Case Notes
Constitutionality.
Statutory valuation of no-par corporate stock at $25.00 per share for franchise tax purposes did not violate constitutional guarantee of due process of law. Gulf Oil Corp. v. Heath, 255 Ark. 604, 501 S.W.2d 787 (1973) (decision under prior law).