This bill introduces an excise tax credit for certain beer and sake produced using Arkansas rice. It amends Arkansas Code Title 3, Chapter 7, Subchapter 1 by adding a new section, 3-7-117, which defines "qualified beer and sake" as those containing at least 20% Arkansas rice by weight in the total grain bill and subject to the excise tax under 3-7-104(6)(A). The bill allows producers of qualified beer and sake to claim a credit against the excise tax, calculated based on the percentage of Arkansas rice used. This credit will be deducted from the excise tax due for the reporting period.

Additionally, the bill amends Arkansas Code 3-7-401(b) to require that reports on the excise tax collected on beer be filed with the Alcoholic Beverage Control Division by the fifteenth day of the month following the acquisition of the beer. It also mandates the provision of a method for reporting and claiming the new tax credit established under section 3-7-117.

Statutes affected:
HB 1491: 3-7-401(b)