The bill amends the definitions of "invoice" and "invoice price" under the Arkansas Tobacco Products Tax Act of 1977. The new definition of "invoice" now requires documentation to not only include an itemized list of the merchandise but also to identify the parties involved in the transaction, including their physical addresses and permit numbers. This addition aims to enhance transparency and accountability in the sale and purchase of tobacco products, vapor products, alternative nicotine products, and e-liquid products.

Additionally, the definition of "invoice price" has been revised to clarify how the price is determined when a wholesaler or retailer acquires these products. The bill specifies that if proof of purchase price is not available, the invoice price will be based on the highest price at which the manufacturer sells the products or, if that information is unavailable, the price from a similar wholesaler or retailer selling comparable products. This change is intended to ensure that the tax is applied fairly and consistently across the industry.

Statutes affected:
SB 495: 26-57-203(15)