For Immediate Release
Secretary Martin Reminds AR Businesses Franchise
Taxes due May 1
(April 29, 2014) LITTLE ROCK, AR— Arkansas
Secretary of State Mark Martin reminds Arkansas businesses that annual reports
and franchise taxes are due by midnight Thursday, May 1, to the Secretary of
State’s Business and Commercial Services (BCS) division.
Every incorporated business, whether domestic or
foreign, pays an annual fee to do business in Arkansas. Earlier this
year, corporations were notified about the upcoming deadline. The taxes
are payable between January and May 1 annually. Around 80 percent of the
state’s corporations pay the minimum franchise tax rate of $150.
“I encourage all business
to pay their franchise tax before the deadline to avoid accruing penalties and
interest,” Secretary Martin said.
These corporate taxes generated $24 million in
2010, $23 million in 2011 and 2012 and $25 million in 2013. Act 94 of the
Second Extraordinary Session of 2003 increased franchise tax rates and required
all funds collected over $8 million to be deposited into an Education Adequacy
Corporations may file their
franchise taxes online, 24 hours a day, by visiting the Secretary of State’s
website at www.sos.arkansas.gov. The
easy-to-use system provides automatic calculations to eliminate mathematical
errors that can slow down processing time. The system generates email
confirmations and copies of each completed filing. Credit cards and
electronic checks are accepted.
Corporations can pay in person at:
1401 West Capitol, Suite 250
Little Rock, AR 72201.
Mail tax forms to:
Business and Commercial Services
P.O. Box 8014
Little Rock, AR 72203-8014
BCS is open from 8 a.m. to 5 p.m.
Monday through Friday.
For additional information, call BCS
at (888) 233-0325.