This bill seeks to amend Arkansas tax laws concerning lithium extraction and development by introducing a sales and use tax exemption specifically for lithium resource development. It also expands the definition of "solid waste" to include electronic waste, thereby allowing for sales and use tax exemptions related to waste reduction, reuse, or recycling equipment. Additionally, the bill modifies the severance tax framework to include lithium alongside bromine, establishing new definitions such as "qualified facility" and "qualified firm" that set criteria for tax exemptions based on investment and compensation levels.

Key provisions include a minimum investment requirement of $100 million for tax exemptions and a detailed process for claiming these exemptions through applications submitted to the Department of Finance and Administration. The bill also outlines the allocation of severance taxes on salt water, directing 3% to the General Revenue Fund and 97% to the County Aid Fund, with mandates for quarterly remittance to county treasurers. Furthermore, it sets a tax rate of twenty cents per one thousand barrels for bromine or lithium extraction, with an additional ten cents per one thousand barrels, effective October 1, 2025.

Statutes affected:
Old version SB568 V2 - 4-1-2025 11:53 AM: 19-6-301(61), 26-51-506(b), 26-58-111(9), 26-58-124(a), 26-58-124, 26-58-301(b), 26-58-302(b)
Old version SB568 V3 - 4-8-2025 10:30 AM: 19-6-301(61), 26-51-506(b), 26-58-111(9), 26-58-301(b), 26-58-302(b)
Old version SB568 V4 - 4-9-2025 01:44 PM: 19-6-301(61), 26-51-506(b), 26-58-111(9), 26-58-124(a), 26-58-124, 26-58-301(b), 26-58-302(b)
Old version SB568 Original - 3-27-2025 08:55 AM: 19-6-301(61), 26-51-506(b), 26-58-111(9), 26-58-124(a), 26-58-124, 26-58-301(b), 26-58-302(b)
SB 568: 19-6-301(61), 26-51-506(b), 26-58-111(9), 26-58-124(a), 26-58-124, 26-58-301(b), 26-58-302(b)
Act 1012: 19-6-301(61), 26-51-506(b), 26-58-111(9), 26-58-124(a), 26-58-124, 26-58-301(b), 26-58-302(b)