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26-75-602. Gross receipts taxes authorized.

Arkansas Code — all titles (historical 2020) · legal_authorities

26-75-602. Gross receipts taxes authorized.

26-75-602. Gross receipts taxes authorized. (a) Any city of the first class, city of the second class, or incorporated town by ordinance of the governing body thereof may levy a tax not to exceed three percent (3%) upon the gross receipts or gross proceeds identified in subsection (c) of this section. (b) Any city of the first class in which is located a city park of one thousand (1,000) acres or more in a like manner may levy an additional tax of one percent (1%) upon the gross receipts or gross proceeds identified in subsection (c) of this section. Revenues collected from this additional tax shall be used by the city parks and recreation department for the promotion and development of city parks and recreation areas. (c) The tax authorized in this subchapter shall be upon any one (1) or more of the following, as specified in the levying ordinance: (1) The gross receipts or gross proceeds from renting, leasing, or otherwise furnishing hotel, motel, house, cabin, bed and breakfast, campground, condominium, or other similar rental accommodations for sleeping, meeting, or party room facilities for profit in such city or town, but such accommodations shall not include the rental or lease of such accommodations for periods of thirty (30) days or more; (2) The portion of the gross receipts or gross proceeds received by restaurants, cafes, cafeterias, delicatessens, drive-in restaurants, carry-out restaurants, concession stands, convenience stores, grocery store-restaurants, or similar businesses as shall be defined in the levying ordinance from the sale of prepared food and beverages for on-premises or off-premises consumption, but such tax shall not apply to such gross receipts or gross proceeds of organizations qualified under 26 U.S.C. § 501(c)(3); and (3) The

Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-75-602

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:26-75-602
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 970ead60bca1e97874e06402ef2f80160d88fb87838fc85b60cb11305eb66697

Source location: content.xml paragraph 34917

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 501 — Exemption from tax on corporations, certain trusts, etc.

**(a) Exemption from taxation** An organization described in subsection (c) or (d) or section 401(a) shall be exempt from taxation under this subtitle unless such exemption is denied under section 502 or 503. **(b) Tax on unrelated business income and certain other activities** An organization exempt from taxation under subsection (a) shall be subject to tax to the extent provided in parts II, III, and VI of this subchapter, but (notwithstanding parts II, III, and VI of this subchapter) shall be considered an organization exempt from income taxes for the purpose of any law which refers to organizations exempt from income taxes. **(c) List of exempt organizations** The following organizations are referred to in subsection (a): (1) Any corporation organized under Act of Congress which is an instrumentality of the United States but only if such corporation— (A) is exempt from Federal income taxes— (i) under such Act as amended and supplemented before July 18, 1984, or (ii) under this title without regard to any provision of law which is not contained in this title and which is not contained in a revenue Act, or (B) is described in subsection (l). (2) Corporations organized for the exclusive purpose of holding title to property, collecting income therefrom, and turning over the entire amount thereof, less expenses, to an organization which itself is exempt under this section. Rules similar to the rules of subparagraph (G) of paragraph (25) shall apply for purposes of this paragraph. (3) Corporations, and any community chest, fund, or foundation, organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes, or to foster national or international amateur sports competition (but only

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 501

Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 501. This identifies an authority to review, not proof of applicability.

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 501 — Exemption from tax on corporations, cer-

Page 1660 TITLE 26—INTERNAL REVENUE CODE § 501 1 So in original. Probably should be ‘‘Certain savings entities.’’ and 1171–1177] or title XVIII [§§ 1800–1899A] of Pub. L. 99–514 require an amendment to any plan, such plan amendment shall not be required to be made before the first plan year beginning on or after Jan. 1, 1989, see section 1140 of Pub. L. 99–514, as amended, set out as a note under section 401 of this title. TREATMENT OF TRANSFERS OF LAND BETWEEN RELATED PARTIES Pub. L. 99–514, title XVIII, § 1803(a)(9), Oct. 22, 1986, 100 Stat. 2794, provided that: ‘‘In the case of any sale or ex- change before July 1, 1985, to which section 483(f) of the Internal Revenue Code of 1954 [now 1986] (as in effect on the day before the date of the enactment of Public Law 99–121 [Oct. 11, 1985]) applies, such section shall be treated as providing that the discount rate to be used for purposes of section 483(c)(1) of such Code shall be 6 percent, compounded semiannually.’’ TRANSITIONAL RULE FOR PURPOSES OF IMPUTED INTEREST RULES Provisions, respecting treatment of debt instruments received in exchange for property, relating to special rules for sales after Dec. 31, 1984, and before July 1, 1985, general rule for assumptions of loans, exception for as- sumptions of loans made on or before Oct. 15, 1984, and exception for assumptions of loans with respect to cer- tain property, see section 44(b)(4)–(7) of Pub. L. 98–369, as amended, set out as an Effective Date note under section 1271 of this title. Subchapter F—Exempt Organizations Part I. General rule. II. Private foundations. III. Taxation of business income of certain ex- empt organizations. IV. Farmers’ cooperatives. V. Shipowners’ protection and indemnity asso- ciations. VI. Political org

Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 501

Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 501. This identifies an authority to review, not proof of applicability.