Summary of 2017 Arkansas Miscellaneous Tax and Unclaimed Property Legislation

Besides legislation involving the principal Arkansas state and local taxes (sales/use, income, and property), the 2017 legislative session also saw enactment of several bills affecting other miscellaneous Arkansas taxes or unclaimed property rules:

Act 141. As part of the tax package providing the military retirement income tax exemption, Act 141 also reduces the soft drink syrup tax and provides an exemption for simple syrup used in preparing tea.

Act 421 extends the holding period for presumption of abandonment of stock or other equity interests from 5 to 7 years, and it adds presumed abandonment under 17 C.F.R. § 240.17Ad-17 as a starting point for the 7-year period.

Act 622 extends the deadlines for providing notice to the apparent owner of property presumed abandoned to not more than 180 or less than 90 days before filing the report of abandonment with the State Auditor instead of not more than 120 or less than 60 days. It also provides that notice for the contents of a safe deposit box must be sent by letter.

Act 671 changes the excise tax provisions of Arkansas Code Section 3-7-104 to tax hard cider at the same $7.50 per-barrel rate applicable to beer under 5% alcohol by weight. Likely effective September 1, 2017.

Act 734 reduces the unemployment insurance wage base from $12,000 to $10,000. It also reduces the period for benefits eligibility from 20 weeks to 16 weeks and provides that employer separation payments restrict availability of unemployment benefits.

Act 1098 imposes a 4% of gross receipts privilege tax on marijuana cultivation facilities, dispensaries, or other marijuana businesses. Effective July 1, 2017.

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