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Taxes

A tax is a charge or levy of money made by a governmental entity (state, local, or federal) against a taxpayer—usually a U.S. citizen or a person living or working in the United States. There are many kinds of taxes, including income tax, capital-gains tax, property tax, franchise tax, gift tax, ad valorem tax, sales tax, use tax, inheritance tax, and estate tax.

In Arkansas, as in other states, taxpayers are subject to various types of taxes imposed by state and local governments, as well as the federal government. The state imposes an income tax on individuals and corporations, with rates varying based on income levels. Capital gains are also subject to state income tax, but Arkansas offers a 50% deduction on net capital gains. Property taxes are levied by local governments (counties and cities) and are based on the assessed value of real and personal property. Arkansas does not have a state property tax. The state imposes a franchise tax on corporations for the privilege of doing business in Arkansas. Arkansas also has a state sales tax, which applies to the sale of most goods and services, and a use tax for goods purchased out of state but used within Arkansas. While Arkansas does not have a gift tax, it does have an inheritance tax, which applies to the transfer of assets from a deceased person to their beneficiaries. However, there is no estate tax at the state level, as estate taxes are only levied at the federal level.

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Taxes

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Arkansas State Code

Arkansas State Code

Taxes

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