SB495

Senate Bill 495 amends definitions within the Arkansas Tobacco Products Tax Act of 1977. Specifically, it updates the requirements for what constitutes an 'invoice' by mandating detailed documentation, including physical addresses and permit numbers for both parties involved in a sale. Furthermore, it revises the definition of 'invoice price' to determine the acquisition cost for tax purposes. If documentation of the actual purchase price is missing, the bill provides a mechanism to establish an invoice price based on the manufacturer's selling price or comparable market data from other wholesalers and retailers. The primary purpose is to clarify administrative record-keeping and tax valuation standards for tobacco, vapor, and nicotine products.