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Secretary Martin Reminds AR Businesses Franchise Taxes due May 1

Date: 4/29/2014

For Immediate Release

Laura Labay 501-683-3702

 

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 Trust Fund. 

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:

Victory Building

1401 West Capitol, Suite 250

Little Rock, AR 72201.

Or

 

Mail tax forms to:

Business and Commercial Services (BCS) division

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.




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