Arkansas Governor Signs Law Creating 10-Year Statute of Limitations on Certain Property Tax, Penalty Collections

The Arkansas Governor April 14 signed a law creating a 10-year statute of limitations on the collection of ad valorem taxes and penalties on utilities and carriers by the Department of Finance and Administration (DFA). The law includes measures: 1) clarifying that property taxes and penalties not collected within 10 years from the date of certification to the DFA are uncollectible; 2) authorizing the DFA to waive uncollectible or discharged taxes and penalties; and 3) authorizing the DFA to settle and compromise ad valorem taxes and penalties in certain circumstances. The law takes effect 91 days after final adjournment of ...