SB207

Senate Bill 207 modifies the Arkansas Corporate Franchise Tax Act of 1979 by updating administrative procedures for corporate filings and charter revocations. It establishes the 'Secretary of State Business and Commercial Services Electronic Filing System Fund,' which will collect processing fees from electronic filings to support the maintenance of the state's business filing systems. The bill updates language regarding the definition of corporations, the location of principal offices, and the specific information from franchise tax reports available for public inspection. It also shortens the window for corporations to reinstate their charters after revocation from seven years to five years. Furthermore, the bill expands restrictions, preventing entities or individuals with significant ties to a business that owes past-due franchise taxes from creating new legal entities or obtaining authority to do business in the state. These changes are intended to streamline administrative processes and enhance the electronic filing capabilities of the Secretary of State.