(a) As used in §§ 26-26-1501 -- 26-26-1504, 26-51-303, 26-51-407, 26-51-408, 26-52-305, and 26-53-110, unless the context otherwise requires:
(1) "Business corporation" means a corporation incorporated under the Arkansas Business Corporation Act, § 4-26-101 et seq.;
(2) "Financial institution" means a state bank or national bank, a savings and loan association, or a building and loan association as defined in this section;
(3) "National bank" means a bank chartered under the banking laws of the United States;
(4) "Savings and loan association" or "building and loan association" means any financial institution or association established and operating under the authority of § 23-37-101 et seq., § 23-37-706, or under any other appropriate state or federal law; and
(5) "State bank" means a bank, trust company, or savings bank chartered under the banking laws of this state.
(b)
(1) It is the purpose of §§ 26-26-1501 -- 26-26-1504, 26-51-303, 26-51-407, 26-51-408, 26-52-305, and 26-53-110 to clarify the law relating to the taxation of state and national banks and savings and loan and building and loan associations chartered under state and federal law and to simplify and to broaden the tax base applicable to such financial institutions.
(2) It is the intent of §§ 26-26-1501 -- 26-26-1504, 26-51-303, 26-51-407, 26-51-408, 26-52-305, and 26-53-110 to repeal the capital stock tax and, in lieu thereof, to tax state and national banks, savings and loan associations and building and loan associations, under the existing tax laws generally applicable to business corporations.
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