HB1759

House Bill 1759 proposes to amend Arkansas law regarding the timeline for assessing tangible personal property acquired between April 1 and May 31. Specifically, the bill extends the deadline for assessing such property from thirty (30) days to sixty (60) days following the date of acquisition. This extension applies to property acquired by residents, new residents, and new businesses during that specific timeframe. By lengthening this period, the bill aims to provide taxpayers with more time to report and assess their tangible personal property without incurring delinquency or penalties. The legislation clarifies the deadlines for both initial assessment and the waiver of the ten percent delinquent assessment penalty.