Gov. Asa Hutchinson has signed a series of bills that change state tax codes, including one to require out-of-state internet sellers to collect sales tax from in-state buyers.
At the bill signing on Tuesday, Hutchinson said the act would help give Arkansas businesses competitive tax rates. It requires remote sellers without a physical presence in Arkansas to collect taxes on annual sales of more than $100,000.
The bill also reduces the top corporate income tax rate beginning in 2021.
Another bill the governor signed raises the homestead property tax credit from $350 to $375 and helps counties modernize voting by increasing funding for voting machines.
The third bill shifts the ability to collect franchise taxes from the Secretary of State’s office to the Department of Finance and Administration.
The bills signed into law can be found below.
SB561 – Arkansas Tax Reform Act of 2019
SB447 – Homestead Property Tax Credit Bill
SB576 – Corporate Tax Reform Bill