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Two Interim Arkansas Tax Committees Are Reviewing Exemptions
Wednesday, July 12, 2017 7:05 AM

Recently, Arkansas Credit Unions Association lobbyist Ron Harrod sent an email informing credit unions about the two tax interim committees that have been meeting: the Tax Reform and Relief Legislative Task Force Committee and the Economic and Tax Policy Committee.

Rep. Laurie Rushing is co-chair of the Economic and Tax Policy Committee, the standing joint committee of the General Assembly. Rushing wants a deeper exploration of the numerous exemptions on the state’s books. She would like to see all tax exemptions taken off the table for a clean slate, which would compel Arkansans to come to the committee to justify why they need their tax exemption. The committee will meet separately to discuss policies and decide what they will recommend.  

Act 79, also known as the Tax Reform and Relief Act of 2017, passed during the 2017 Legislative Session, and as a result, the Tax Reform and Relief Legislative Task Force Committee was formed. Accordingly, the committee has been meeting as well, and below are links to the various tax exemptions both committees will be using.

Also, Gov. Asa Hutchinson has said he hopes the committees recommend changes to the tax code as well as online retail sales taxes, including how they are collected and remitted to the state.

During the regular session, some bills failed that would have required online retailers to collect and remit sales tax. Some see the online sales tax as creating a fairer playing field for retailers that already collect the tax. As you know, Amazon stated they would start collecting sales tax.

These committees will be meeting monthly to accomplish their assigned tasks. Harrod says to stay tuned for an update on how the committees examine and identify areas of potential reform within the tax laws of the state of Arkansas and their recommendations for consideration during the 2019 session.

For more information, please contact Ron Harrod at rharrod@sbcglobal.net or 501-944-3068.