SB605

Senate Bill 605, the 'Delta Tetrahydrocannabinol Excise Tax Act,' establishes a new 50% excise tax on the gross receipts from the sale of specific hemp-derived and synthetic tetrahydrocannabinol (THC) products in Arkansas. The bill defines these products to include various isomers and acetate esters of THC, as well as substances derived from industrial hemp through synthetic chemical processes. Sellers are required to collect and remit this tax in accordance with the Arkansas Gross Receipts Act of 1941. The bill authorizes the Secretary of the Department of Finance and Administration to promulgate rules for enforcement and to identify products subject to the levy. The tax applies to all such sales beginning on the first day of the second calendar month following the act's effective date.