TO AMEND THE LAW CONCERNING THE PREPAYMENT OF SALES TAX; AND TO INCREASE THE THRESHOLD FOR RETAILERS WHO ARE REQUIRED TO PREPAY SALES TAX.

House Bill 1970 aims to amend Arkansas law concerning the prepayment of sales tax. It directly affects retailers registered to collect gross receipts tax within the state. The bill increases the average monthly net sales threshold for retailers required to prepay sales tax from $200,000 to $500,000. This change means that only retailers with average net sales exceeding $500,000 per month will be obligated to make electronic prepayment of sales tax, using one of the existing payment options.