TO REPEAL THE LAW REQUIRING THE DEPARTMENT OF FINANCE AND ADMINISTRATION TO SUBMIT A REPORT CONCERNING THE ACTIVITIES OF THE MULTISTATE TAX COMMISSION AND ARKANSAS'S PARTICIPATION IN THE ACTIVITIES OF THE COMMISSION.

Fiscal Impact Statement Bill: SB381 Bill Subtitle: TO REPEAL THE LAW REQUIRING THE DEPARTMENT OF FINANCE AND ADMINISTRATION TO SUBMIT A REPORT CONCERNING THE ACTIVITIES OF THE MULTISTATE TAX COMMISSION AND ARKANSAS'S PARTICIPATION IN THE ACTIVITIES OF THE COMMISSION. --------------------------------------------------------------------------------------------------------------------------------------- Sponsors: Sen. Crowell and Rep. Cavenaugh Basic Change: SB381 repeals the requirement that the Department of Finance and Administration (DFA) submit an annual report to the President Pro Tempore of the Senate and the Speaker of the House of Representatives detailing the activities of the Multistate Tax Commission (MTC) and Arkansas' participation in the activities of the MTC. The MTC is an organization composed of many states that strives to promote uniform and consistent tax policy and administration, assist taxpayers with tax compliance, and advocate for state sovereignty in tax policy. Arkansas is a full member state of the MTC. The MTC performs multistate audits of taxpayers on behalf of the states. Many large taxpayers prefer this method because it replaces multiple small audits w