The bill amends the law regarding the assessment of property and the payment of property taxes in Arkansas. It specifically increases the time frame for taxpayers to assess tangible personal property acquired during a designated period. The amendments state that taxable tangible personal property acquired by new residents or new businesses between January 1 and May 31, as well as property acquired by existing residents during the same period (excluding property acquired from April 1 to May 31), can be assessed without delinquency within sixty days of acquisition, an increase from the previous thirty days.

Additionally, the bill clarifies that a ten percent penalty for delinquent assessments will not apply to tangible personal property eligible for assessment through May 31, provided it is assessed by that date. If May 31 falls on a weekend or postal holiday, the deadline is extended to the next business day. The same sixty-day assessment period applies to tangible personal property acquired from April 1 to May 31, ensuring that taxpayers have ample time to comply with assessment requirements without incurring penalties.

Statutes affected:
HB 1759: 26-26-1408(a)
Act 551: 26-26-1408(a)