Arkansas ~ Corporate, Personal Income Taxes: Apportionment of Partnership Income Enacted

first_imgThe Arkansas State Legislature has enacted legislation that requires multistate partnerships to apportion their income to Arkansas in the same manner as corporations, applicable for tax years beginning on and after January 1, 2018. Consequently, each partner must allocate income to Arkansas as determined and reported on the partnership return. Partners may petition for or the Director of the Department of Finance and Administration may require a different method for determining income if the apportionment method does not fairly represent the partnership’s business activity in Arkansas.Act 482 (H.B. 1562), Laws 2017, effective for tax years beginning on and after January 1, 2018last_img