Arkansas Franchise Tax Deadline Extended to July 15, 2021

Secretary of State John Thurston announced on April 16 that late fees and interest charges on businesses’ annual franchise taxes will once again be waived until July 15. The filing deadline is typically May 1, and companies filing late typically would be charged interest and penalties. But penalties and interest will now be waived for those who file between May 2 and July 15, 2021. [More]

DFA Assessment Coordination Division Proposes Property Tax Exemption Rules Requiring Every Exempt Parcel to Reapply

The Assessment Coordination Division (ACD) of the Arkansas Department of Finance and Administration has proposed rules on tax exemption determinations as mandated by Act 819 of 2019. The rules would require every exempt parcel to reapply for exemption in 2023, and the draft exemption application would require a large amount of information to prove entitlement to the exemption. The rules do not provide substantive guidance about what kinds of uses of property should or should not qualify for exemption. The deadline for comments on the proposed rule is May 31, and a hearing on the proposed rules will be held June 1. Interested parties should consider participating in the rulemaking process. [More]