The bill amends the definitions of "invoice" and "invoice price" under the Arkansas Tobacco Products Tax Act of 1977. The definition of "invoice" is expanded to include additional requirements, such as the identification of the parties involved in the transaction, including their physical addresses and permit numbers. This 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" is revised to clarify the circumstances under which the price is determined. It specifies that if a person cannot provide proof of the purchase price, 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 at which a similar wholesaler or retailer sells comparable products. These changes are intended to ensure accurate tax assessments and compliance within the tobacco products market in Arkansas.

Statutes affected:
SB 495: 26-57-203(15)
Act 718: 26-57-203(15)