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Bill

SB 503

RELATING TO CLIMATE CHANGE MITIGATION.

2024 Regular Session Introduced by Stanley Chang and 5 co-sponsors

SB 503 lowers the employee threshold for Arkansas employers to file tax withholding statements electronically from 125 to 75, streamlining compliance and reporting.

Carried over to 2024 Regular Session.
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Bill Summary · SB 503

Summary of Senate Bill 503 (SB 503)

Purpose and Intent

Senate Bill 503 (SB 503) aims to amend the Arkansas Income Tax Withholding Act of 1965 by reducing the threshold for employers required to file annual income tax withholding statements electronically. The bill seeks to streamline the electronic filing process for employers and enhance compliance with tax regulations.

Key Provisions

  • Reduction of Employee Threshold: The bill lowers the number of employees an employer must have to be mandated to file annual withholding statements electronically from 125 employees to 75 employees.

  • Electronic Filing Requirement: Employers who are required to file their annual withholding statement electronically must also file their withholding return electronically.

  • Waiver Provision: The Department of Finance and Administration (DFA) may waive the electronic filing requirement for employers who demonstrate undue hardship.

  • Effective Dates:

    • The requirement for electronic filing of the annual withholding statement is effective for tax years beginning on or after January 1, 2025.
    • The requirement for electronic filing of the withholding return is effective for tax years beginning on or after January 1, 2026.

Affected Parties

  • Employers: The bill primarily affects employers in Arkansas, particularly those with 75 or more employees, who will need to comply with the new electronic filing requirements.

  • Department of Finance and Administration (DFA): The DFA will be responsible for implementing the changes, including updating their systems and training staff.

Fiscal Impact

The fiscal impact of SB 503 is reported as none, indicating that the bill is not expected to have a significant financial effect on state revenues or expenditures.

Procedural Aspects

  • The bill was introduced on March 18, 2025, and has been carried over to the 2024 Regular Session for further consideration.
  • It has undergone various legislative actions, including being reported correctly enrolled and ordered delivered to the Governor.

Conclusion

SB 503 represents a significant change in the electronic filing requirements for Arkansas employers, aiming to simplify tax compliance for a larger number of businesses. By reducing the employee threshold, the bill seeks to enhance the efficiency of tax reporting and collection processes in the state.

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

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