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Online Taxation Passes Committee Approval

(LITTLE ROCK) The House Revenue and Taxation Committee on Tuesday advanced a bill that would make several tax code changes, including requiring out-of-state online sellers to collect sales and use taxes from in-state purchasers.

In a voice vote with one dissenting vote, the 20-member tax committee recommended House approval of an amended version of Senate Bill 576 by Sen. Bart Hester, R-Cave Springs.

SB576 also would phase in a reduction in the top corporate income tax rate from 6.5 percent to 5.9 percent; phase in an extension of the five-year carry-forward period for businesses’ net operating losses to 10 years; and provide for a single-sales factor for the apportionment formula used by corporations for income tax filings. It also would change taxes that apply to car washes.

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