AEDC Proposes Railroad Maintenance Credit Emergency Rule and Amendments to Motion Picture and Digital Product Credit Rule

The Arkansas Economic Development Commission, part of the Department of Commerce, has been diligently updating its rules to reflect credits and incentives legislation from the 2021 legislative session. Two proposed rulemakings are underway for specific industry credits: An emergency rule for the Railroad Modernization Act of 2021, which created a transferrable income tax credit for 50% of qualifying track maintenance costs on regional and short line (Class II and Class III) railroads. A proposed rulemaking for the amendments to the Digital Product and Motion Picture Industry Development Act, which generally enhanced the incentives available and also made them discretionary. Interested businesses and their advisers should review and may wish to comment on these proposals. [More]

Arkansas DFA Revenue Legal Counsel Narrows Opinion Letter Practice

The Office of Revenue Legal Counsel at the Department of Finance and Administration has substantially restricted its opinion letter practice and is currently only accepting opinion requests that meet its interpretation of Rule GR-75. Income tax opinion requests or requests for opinions for undisclosed taxpayers may not be accepted. Taxpayers and their representatives should consider whether Revenue Legal Counsel is likely to accept an opinion request under this new approach before preparing and submitting a request. [More]

Buy Computers and Phones Tax Free: Expanded Sales Tax Holiday Coming Up August 7-8

Arkansas consumers in the market for computers, tablets, smartphones, and printers should consider buying this coming weekend, August 7-8, as the state's customary sales tax holiday has been expanded to include these electronic devices. Individuals and even businesses may even be interested in doing some buying on the weekend to take advantage of the temporary tax exemption. [More]

Arkansas Tax Appeals Commission Nominating Process Open for CPA Commissioner

With Arkansas having enacted an independent Tax Appeals Commission that will begin taking cases in 2023, the next step is to find potential commissioners. The three commissioners need to be named by the governor from shortlists provided by stakeholder groups: the Arkansas Supreme Court will shortlist three names for the chief commissioner (lawyer and CPA), the Arkansas Society of Certified Public Accountants (ARCPA) will shortlist three names for the CPA commissioner, and the Arkansas Bar Association will shortlist three names for the lawyer commissioner. ARCPA has moved quickly and interested CPAs need to apply by August 6. [More]

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]