26-63-202. Discount for prompt payment.

Arkansas Code — all titles (historical 2020) · legal_authorities

26-63-202. Discount for prompt payment. A taxpayer filing a report for a tax due under this chapter is eligible for the discount for prompt payment pursuant to § 26-52-503.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-63-202

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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Arkansas Code — all titles (historical 2020) · legal_authorities

26-52-503. Discount for early payment.

26-52-503. Discount for early payment. (a) At the time of transmitting the returns required under this chapter to the Secretary of the Department of Finance and Administration, the taxpayer shall remit with the returns to the secretary ninety-eight percent (98%) of the state tax due under this chapter and ninety-eight percent (98%) of the city and county gross receipts taxes collected by the secretary. (b) Failure of the taxpayer to remit the tax on or before the twentieth day of the applicable month shall cause the taxpayer to forfeit his or her claim to the discount, and the taxpayer shall remit to the secretary one hundred percent (100%) of the amount of tax plus any penalty and interest due. (c)(1)(A) The discount for early payment of state tax shall not exceed one thousand dollars ($1,000) per month for a taxpayer filing monthly gross receipts tax reports. (B) A taxpayer filing a tax report on a quarterly, annual, or occasional basis is entitled to the discount for early payment of state tax, which shall not exceed one thousand dollars ($1,000) for each month included in the tax report. (2)(A) The aggregate state tax discount available to a taxpayer who operates more than one (1) permitted business location within this state and who does not file a consolidated monthly gross receipts tax report for all locations shall not exceed one thousand dollars ($1,000) per month. (B) In the case of a corporate taxpayer that is a parent corporation and that holds fifty percent (50%) or more of the outstanding shares of one (1) or more corporations that are subsidiaries and that are subject to the tax imposed by this chapter, the aggregate state tax discount available to the parent corporation and all subsidiaries shall not exceed one thousand dollars ($1,000) per m

Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-52-503

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 26-52-503. This identifies an authority to review, not proof of applicability.