Arkansas online sales-tax bill sails in Senate, 27-3
A bill that would change several tax laws — including requiring out-of-state online sellers to collect sales and use taxes from in-state purchasers and changing the state's corporate income-tax code — cleared the Arkansas Senate on Monday.
The Senate voted 27-3 to send Senate Bill 576 by Sen. Bart Hester, R-Cave Springs, to the House for further consideration.
SB576 also would phase in a reduction in the top corporate income-tax rate from 6.5 percent to 5.9 percent, phase in an extension of the five-year carry-forward period for businesses' net operating losses to 10 years, and provide for a single-sales factor for the apportionment formula used by corporations for income-tax filings.
Gov. Asa Hutchinson said that "in reference to SB 576, I do support the tax reform bill because it creates more fairness in our tax system, and it makes our corporate tax structure more competitive."
Read more: http://www.texarkanagazette.com/news/arkansas/story/2019/mar/26/online-sales-tax-bill-sails-arkansas-senate-27-3/771536/
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