The bill amends the definitions used in the Arkansas Tobacco Products Tax Act of 1977, specifically focusing on the terms "invoice" and "invoice price." The definition of "invoice" is expanded to include additional requirements, such as the need for documentation to identify 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 how the price is determined when a wholesaler or retailer acquires these products. The bill specifies that if the actual purchase price is not proven, 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. 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)
Act 718: 26-57-203(15)