Browse Arkansas Code titles and sections
26-5-102. Election to report tax on basis of volume percentage.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-5-102. Election to report tax on basis of volume percentage.
(a) Every taxpayer required to file an income tax return pursuant to provisions of the Income Tax Act of 1929, § 26-51-101 et seq., whose only activity within this state consists of sales and does not include owning or renting real estate or tangible personal property in this state and whose dollar volume of gross sales made during the last year within the State of Arkansas or its subdivisions, as the case may be, is not in excess of one hundred thousand dollars ($100,000) may elect to report any tax due the State of Arkansas on the basis of a percentage of this volume, and the Secretary of the Department of Finance and Administration is authorized to adopt rates which are calculated to produce a tax thereon which reasonably approximates the tax otherwise due under the laws of this state from these taxpayers.
(b) In the event the Multistate Tax Commission shall adjust the one-hundred-thousand-dollar figure provided in this section in the manner authorized in the Multistate Tax Compact, § 26-5-101, the adjusted figure shall replace the one-hundred-thousand-dollar figure provided in this section.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-5-102
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:26-5-102
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 8d5fb07061ad501677fcfd68df5a4ee8b486e851674d2301a164070ec54c572f
Source location: content.xml paragraph 1002
Stored source content
26-5-102. Election to report tax on basis of volume percentage.
(a) Every taxpayer required to file an income tax return pursuant to provisions of the Income Tax Act of 1929, § 26-51-101 et seq., whose only activity within this state consists of sales and does not include owning or renting real estate or tangible personal property in this state and whose dollar volume of gross sales made during the last year within the State of Arkansas or its subdivisions, as the case may be, is not in excess of one hundred thousand dollars ($100,000) may elect to report any tax due the State of Arkansas on the basis of a percentage of this volume, and the Secretary of the Department of Finance and Administration is authorized to adopt rates which are calculated to produce a tax thereon which reasonably approximates the tax otherwise due under the laws of this state from these taxpayers.
(b) In the event the Multistate Tax Commission shall adjust the one-hundred-thousand-dollar figure provided in this section in the manner authorized in the Multistate Tax Compact, § 26-5-101, the adjusted figure shall replace the one-hundred-thousand-dollar figure provided in this section.
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Arkansas Code — all titles (historical 2020) · legal_authorities
26-5-101. Multistate Tax Compact. [Effective until January 1, 2021.]
The “Multistate Tax Compact” is enacted into law and entered into with all jurisdictions legally joining therein, in the form substantially as follows:
MULTISTATE TAX COMPACT
ARTICLE I Purposes
The purposes of this compact are to:
1. Facilitate proper determination of state and local tax liability of multistate taxpayers, including the equitable apportionment of tax bases and settlement of apportionment disputes;
2. Promote uniformity or compatibility in significant components of tax systems;
3. Facilitate taxpayer convenience and compliance in the filing of tax returns and in other phases of tax administration;
4. Avoid duplicative taxation.
ARTICLE II Definitions
As used in this compact:
1. “State” means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or possession of the United States;
2. “Subdivision” means any governmental unit or special district of a state;
3. “Taxpayer” means any corporation, partnership, firm, association, governmental unit or agency, or person acting as a business entity in more than one state;
4. “Income tax” means a tax imposed on or measured by net income including any tax imposed on or measured by an amount arrived at by deducting expenses from gross income, one (1) or more forms of which expenses are not specifically and directly related to particular transactions;
5. “Capital stock tax” means a tax measured in any way by the capital of a corporation considered in its entirety;
6. “Gross receipts tax” means a tax, other than a sales tax, which is imposed on or measured by the gross volume of business, in terms of gross receipts or in other terms, and in the determination of which no deduc
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-5-101
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 26-5-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-5-101. Multistate Tax Compact. [Effective January 1, 2021.]
The “Multistate Tax Compact” is enacted into law and entered into with all jurisdictions legally joining therein, in the form substantially as follows:
MULTISTATE TAX COMPACT
ARTICLE I Purposes
The purposes of this compact are to:
1. Facilitate proper determination of state and local tax liability of multistate taxpayers, including the equitable apportionment of tax bases and settlement of apportionment disputes;
2. Promote uniformity or compatibility in significant components of tax systems;
3. Facilitate taxpayer convenience and compliance in the filing of tax returns and in other phases of tax administration;
4. Avoid duplicative taxation.
ARTICLE II Definitions
As used in this compact:
1. “State” means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or possession of the United States;
2. “Subdivision” means any governmental unit or special district of a state;
3. “Taxpayer” means any corporation, partnership, firm, association, governmental unit or agency, or person acting as a business entity in more than one state;
4. “Income tax” means a tax imposed on or measured by net income including any tax imposed on or measured by an amount arrived at by deducting expenses from gross income, one (1) or more forms of which expenses are not specifically and directly related to particular transactions;
5. “Capital stock tax” means a tax measured in any way by the capital of a corporation considered in its entirety;
6. “Gross receipts tax” means a tax, other than a sales tax, which is imposed on or measured by the gross volume of business, in terms of gross receipts or in other terms, and in the determination of which no deduction i
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-5-101
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 26-5-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-101. Title.
This act shall be known and may be cited as the “Income Tax Act of 1929”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-101
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 26-51-101. This identifies an authority to review, not proof of applicability.