Arkansas Governor Signs Law Amending Prepayment Calculation for Sales and Use Tax by Qualifying Retailers

The Arkansas Governor March 6 signed a law amending provisions related to the prepayment calculation of sales and use tax by qualifying retailers. The law includes measures: 1) providing that retailers within the state registered to collect the gross receipts tax who, on July 1, have average net sales of more than $200,000 per month for the preceding fiscal year beginning on July 1 and ending on June 30 shall, beginning the following Jan. 1, make prepayments of sales tax by electronic funds transfer; and 2) declaring an emergency as the current method for calculating the prepayment requirements for sale ...