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SB 495

RELATING TO BUILDING CODES.

2024 Regular Session Introduced by Brandon Elefante

Senate Bill 495 updates tobacco product invoicing definitions to improve tax accuracy and compliance, impacting wholesalers and retailers in Arkansas.

Carried over to 2024 Regular Session.
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Bill Summary · SB 495

Summary of Senate Bill 495 (SB 495)

Overview

Bill Number: SB 495
Title: Relating to Building Codes
Status: Carried over to 2024 Regular Session
Introduced: March 17, 2025
Classification: Bill
Subject: Building Code, State Building Code Council, State Building Codes

Senate Bill 495 aims to amend certain definitions under the Arkansas Tobacco Products Tax Act of 1977, specifically focusing on the terms "invoice" and "invoice price." The bill seeks to enhance regulatory compliance and improve the accuracy of tax calculations related to tobacco products.

Key Provisions

  1. Amendment of Definitions:
    • Invoice: The bill revises the definition of "invoice" to require:
      • Documentation made at the time of sale or purchase.
      • An itemized list of products, including quantity and prices.
      • Identification of the parties involved, including:
      • Physical addresses and permit numbers of both the wholesaler and retailer.
  • Invoice Price: The definition of "invoice price" is updated to state that:
    • It is the price paid by wholesalers or retailers to acquire tobacco products.
    • In cases where proof of purchase price is unavailable, the invoice price will default to the highest price at which the manufacturer sells the products or, if that information is not available, the price from a similar wholesaler or retailer.
  1. Tax Calculation Adjustments:
    • The Arkansas Tobacco Control (ATC) will be authorized to seek pricing information from similar wholesalers or retailers to calculate unpaid taxes on confiscated untaxed tobacco products when invoice prices are not available.

Impact

  • Affected Parties: This bill primarily impacts wholesalers and retailers of tobacco products, vapor products, alternative nicotine products, and e-liquids in Arkansas. It also affects the Arkansas Tobacco Control, which will have new procedures for tax calculations.

  • Taxpayer Impact: The requirement for invoices to include specific information (addresses and permit numbers) aims to enhance transparency and compliance in the tobacco sales process.

  • Fiscal Impact: The fiscal impact statement indicates that there are no anticipated costs associated with the implementation of this bill.

Procedural Aspects

  • The bill was introduced on March 17, 2025, and has undergone several legislative actions, including readings and committee reviews. It is currently carried over to the 2024 Regular Session for further consideration.

Conclusion

Senate Bill 495 seeks to clarify and enhance the regulatory framework surrounding tobacco product sales in Arkansas by amending key definitions related to invoicing and tax calculations. This legislation aims to improve compliance and ensure accurate tax assessments, thereby impacting the state's tobacco control efforts.

Compiled from official sources — confirm details with the bill’s official record.

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