The bill modifies the Arkansas Corporate Franchise Tax Act of 1979 by updating various provisions related to the filing and processing of franchise tax reports. Key changes include the creation of the "Secretary of State Business and Commercial Services Electronic Filing System Fund," which will be funded by processing fees collected for electronic filings. The bill also expands the definition of "corporation" to include limited liability companies and introduces new processing fees for electronic submissions. Additionally, it amends the procedures for notifying corporations about their franchise tax obligations and the consequences of nonpayment, including the revocation of corporate charters.

Significant amendments include the replacement of the term "forfeiture" with "revocation" in relation to corporate charters, clarifying the penalties for failure to pay franchise taxes. The bill also specifies that only certain information from franchise tax reports will be publicly available, while other details will remain confidential. Furthermore, it establishes that individuals associated with corporations that owe past-due franchise taxes may not file new documents or create new entities in the state. Overall, the bill aims to streamline the franchise tax process and enhance the efficiency of the Secretary of State's office in managing corporate filings.

Statutes affected:
Old version SB207 Original - 2-7-2023 11:08 AM: 4-27-1622(a), 26-54-102(a), 26-54-104, 26-54-105, 4-38-101, 26-54-105(a), 26-54-105(g), 26-54-107(b), 26-54-111, 26-54-112, 26-54-114
Old version SB207 V2 - 3-15-2023 09:43 AM: 4-27-1622(a), 19-6-301, 26-54-102(a), 26-54-104, 26-54-105, 03-15-2023, 4-38-101, 26-54-105(a), 26-54-105(g), 26-54-107(b), 26-54-111, 26-54-112, 26-54-114
SB 207: 4-27-1622(a), 19-6-301, 26-54-102(a), 26-54-104, 26-54-105, 03-15-2023, 4-38-101, 26-54-105(a), 26-54-105(g), 26-54-107(b), 26-54-111, 26-54-112, 26-54-114
Act 459: 4-27-1622(a), 19-6-301, 26-54-102(a), 26-54-104, 26-54-105, 03-15-2023, 4-38-101, 26-54-105(a), 26-54-105(g), 26-54-107(b), 26-54-111, 26-54-112, 26-54-114