Amendment vs bill Amendment S1 vs HB 1042

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ARKANSAS SENATE 93rd General Assembly - Regular Session, 2021 Amendment Form ______________________________________________________________________ Subtitle of House Bill No.
State of Arkansas As Engrossed:
1042 TO REPEAL THE LONG-TERM RENTAL VEHICLE TAX.
S2/9/21 93rd General Assembly A Bill Regular Session, 2021 HOUSE BILL 1042 5 By:
______________________________________________________________________ Amendment No.
Representative Jett By:
1 to House Bill 1042 Amend House Bill No.
Senator M.
1042 as originally introduced:
Johnson 8 For An Act To Be Entitled AN ACT TO REPEAL THE ARKANSAS SPECIAL EXCISE TAX LEVIED ON LONG-TERM RENTAL VEHICLES;
Add Senator M.
AND FOR OTHER PURPOSES.
Johnson as a cosponsor of the bill *.JLL151* The Amendment was read the first time, rules suspended and read the second time and _______________________ JLL/JLL - 02-05-2021 16:32:56 _________________________ JLL151 Secretary
Subtitle TO REPEAL THE LONG-TERM RENTAL VEHICLE TAX.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS:
SECTION 1.
Arkansas Code § 26-63-304 is repealed.
26-63-304.
Long-term rental vehicle tax.
(a)(1) In addition to the gross receipts tax levied by the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq., and the compensating use tax levied by the Arkansas Compensating Tax Act of 1949, § 26-53-101 et seq., there is levied a long-term rental vehicle tax at the rate of one and five- tenths percent (1.5%) on the gross receipts or gross proceeds derived from a rental of a motor vehicle required to be licensed and that is leased for a period of thirty (30) days or more.
(2) The gross receipts or gross proceeds derived from the rental described in subdivision (a)(1) of this section are taxable regardless of whether the gross receipts tax levied by the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq., or the compensating use tax levied by the Arkansas Compensating Tax Act of 1949, § 26-53-101 et seq., was paid at the time of registration.
(b) If the Chief Fiscal Officer of the State certifies that three *JLL076* 02-09-2021 13:19:42 JLL076 As Engrossed:
S2/9/21 HB1042 percent (3%) or more of all new motor vehicles registered in Arkansas during a calendar year are leased vehicles based on information and statistics from a reliable source, such as R.L.
Polk & Co., then the long-term rental vehicle tax shall expire on June 30 of the fiscal year following the calendar year for which the certification is made.
(c) The long-term rental vehicle tax shall be remitted to the Secretary of the Department of Finance and Administration and shall be deposited into the State Treasury as general revenues.
(d) The long-term rental vehicle tax does not apply to:
(1) A diesel truck rented or leased for commercial shipping;
(2) Farm machinery or farm equipment rented or leased for a commercial purpose;
or (3) A gasoline-powered or diesel-powered truck rented or leased for residential moving or shipping.
SECTION 2.
Arkansas Code § 19-6-201(36), concerning the enumeration of general revenues, is repealed.
(36) Long-term rental vehicle tax, § 26-63-304;
/s/Jett 2 02-09-2021 13:19:42 JLL076