Corporate Tax Reform Comes to Arkansas

On Friday, legislators in Arkansas introduced Senate Bill 576, which would dramatically increase the competitiveness of Arkansas’s tax code. Based on recommendations from the Arkansas Tax Reform and Relief Legislative Task Force, the bill would overhaul Arkansas’s corporate income tax code. The bill includes several key reforms to the corporate income tax. First, the bill would repeal the state’s throwback rule. Arkansas uses a double-weighted sales formula to apportion corporate income, but it also uses a throwback rule, meaning that firms with “nowhere income” must “throw it back” into their state calculations, increasing their state tax liability. The bill couples throwback repeal with a move to a single sales factor apportionment structure. Additionally, this bill would dramatically expand Arkansas’s net operating loss provisions. Arkansas is an outlier among states, allowing firms to carry forward their losses for only five…

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