Secretary of State Mark Martin’s office is preparing for a franchise tax amnesty program this fall.
The program was created by Act 1041 of the 2013 legislative session, establishing a franchise tax penalty and interest amnesty season.
“From Sept. 1 until Dec. 31 this year, businesses that complete the proper paperwork can catch up on delinquent franchise taxes without having to pay accrued penalties and interest,” Martin said.
All current and delinquent franchise taxes must be submitted with the appropriate paperwork and payment in person or by mail. Martin said that the amnesty is applicable only for businesses revoked as of Dec. 31, 2012, and that penalties and interest due for the current year are not eligible.
“Business owners should remember this is a one-time deal,” Martin said. “They must pay current franchise taxes as well as their delinquent amounts of up to three years.”
Amnesty application forms will be available by Aug. 19 on the Secretary of State’s website, www.sos.arkansas.gov, prior to the amnesty program beginning Sept. 1.