TO REQUIRE THE ELECTRONIC FILING OF CERTAIN CORPORATE INCOME TAX RETURNS.

Senate Bill 558 proposes to require certain corporations in Arkansas to file their state income tax returns electronically. This bill directly affects corporations that are already mandated to file their federal income tax returns electronically with the IRS. It also applies to members of an affiliated group if their federal parent corporation is required to file electronically with the IRS. The Secretary of the Department of Finance and Administration can waive this electronic filing requirement if it would cause undue hardship for a taxpayer. These provisions would take effect for tax years beginning on or after January 1, 2025.