(a) Except as otherwise provided in this section, an affected business entity is liable for the tax imposed under this chapter. (b) If an affected business entity fails to pay the full amount of tax due under this chapter, the Secretary of the Department of Finance and Administration, in addition to assessing the affected business entity for the tax liability, may assess the individual members of the affected business entity based on the member's pro rata share of the income as determined by the member's pro rata interest. Added by Act 2021, No. 362,§ 2, eff. for tax years beginning on or after 1/1/2022.. (a) Except as otherwise provided in this section, an affected business entity is liable for the tax imposed under this chapter. (b) If an affected business entity fails to pay the full amount of tax due under this chapter, the Secretary of the Department of Finance and Administration, in addition to assessing the affected business entity for the tax liability, may assess the individual members of the affected business entity based on the member's pro rata share of the income as determined by the member's pro rata interest. Added by Act 2021, No. 362,§ 2, eff. for tax years beginning on or after 1/1/2022.. (a) Except as otherwise provided in this section, an affected business entity is liable for the tax imposed under this chapter. (b) If an affected business entity fails to pay the full amount of tax due under this chapter, the Secretary of the Department of Finance and Administration, in addition to assessing the affected business entity for the tax liability, may assess the individual members of the affected business entity based on the member's pro rata share of the income as determined by the member's pro rata interest. Added by Act 2021, No. 362,§ 2, eff. for tax years beginning on or after 1/1/2022.. (a) Except as otherwise provided in this section, an affected business entity is liable for the tax imposed under this chapter. (b) If an affected business entity fails to pay the full amount of tax due under this chapter, the Secretary of the Department of Finance and Administration, in addition to assessing the affected business entity for the tax liability, may assess the individual members of the affected business entity based on the member's pro rata share of the income as determined by the member's pro rata interest.
‹ Prev All Arkansas sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.