TO INCREASE THE AMOUNT OF TIME A TAXPAYER HAS TO ASSESS TANGIBLE PERSONAL PROPERTY ACQUIRED DURING A CERTAIN TIME PERIOD.

HB 1759 extends the deadline for Arkansas taxpayers to assess tangible personal property (like equipment or vehicles) acquired between January 1 and May 31 from 30 to 60 days after acquisition. This change directly affects individuals and businesses purchasing such property during that period, giving them more time to file tax assessments without incurring penalties. The bill amends Arkansas tax law to remove the 10% penalty for late assessment if property is assessed by May 31, with adjustments for weekends or holidays. It applies specifically to property acquired during the first five months of the year, not to all property taxes. The bill became law as Act 551 on April 10, 2025.