26-74-412. Maximum tax limitation.

Arkansas Code — all titles (historical 2020) · legal_authorities

26-74-412. Maximum tax limitation.

26-74-412. Maximum tax limitation. (a)(1)(A) Any county general sales or use tax levied pursuant to this subchapter shall be levied and collected only on the first two thousand five hundred dollars ($2,500) of gross receipts, gross proceeds, or sales price on the sale of a: (i) Motor vehicle; (ii) Aircraft; (iii) Watercraft; (iv) Modular home; (v) Manufactured home; or (vi) Mobile home. (B) A vendor shall be responsible for collecting and remitting the tax only on the first two thousand five hundred dollars ($2,500) of gross receipts, gross proceeds, or sales price on the sale of a: (i) Motor vehicle; (ii) Aircraft; (iii) Watercraft; (iv) Modular home; (v) Manufactured home; or (vi) Mobile home. (2) A vendor collecting, reporting, and remitting the county sales or use taxes shall show county sales taxes as a separate entry on the tax report form filed with the Secretary of the Department of Finance and Administration. (b)(1) In the case of any taxpayer not subject to the levy of a use tax on tangible personal property or taxable services brought into the State of Arkansas for storage until such property is subsequently initially used in the State of Arkansas, a county use tax shall be computed on each purchase of such property and services by the taxpayer as if all the property was subject upon purchase to the county use tax up to the first two thousand five hundred dollars ($2,500) of gross receipts, gross proceeds, or sales price on the sale of a: (A) Motor vehicle; (B) Aircraft; (C) Watercraft; (D) Modular home; (E) Manufactured home; or (F) Mobile home. (2) The taxes so computed shall be aggregated on a monthly basis, and the aggregate monthly amount shall be divided by the sum of the total purchases of such property on

Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-74-412

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.