- JONESBORO SALES TAX
Tax Percentage State of Arkansas 6.5% City of Jonesboro 1.0% Craighead County 1.0% TOTAL SALES TAX 8.5%
- APPLICABLE AD VALOREM TAXES
$48.05 per Assessed Value (Using Nettleton School District) per Thousand.
Rate County General .0040 County Road .0021 Library .0020 Policeman’s Pension .0005 Fireman’s Pension .0005 Nettleton School Millage .03895 TOTAL MILLAGE .04805
- RATE OF ASSESSMENT
Rate State Corporate Income Tax
Taxable income is apportioned according to a three-factor formula (property, payrolls and sales attributed to Arkansas) with a double-weighted sales factor
Taxable Income Tax Rate First $3,000 1% Next $3,000 2% Next $5,000 3% Next $14,000 5% Next $75,000 6% Over $100,000 6.5%
If a business activity is derived from activity inside and outside the state of Arkansas, it is apportioned for taxation according to the percentage of property and payrolls utilized in the state and sales attributable to Arkansas pursuant to the multi-state compact.
A corporation doing business in Arkansas and sustaining a net operating loss may carry forward the loss to the next succeeding taxable year and annually thereafter for a total period of five years succeeding the year of such loss and deduct it from Arkansas taxable income.
Qualified biofuels manufacturers investing at least $20 million and creating at least 100 new jobs may receive income tax exemptions for up to 20 years. Qualified windmill blade or component manufacturers classified under NAICS Code 333611 may receive income tax exemptions for up to 25 years based upon the investment, job created, tier status and employee wages.
Corporate Franchise Tax
The chart below lists the franchise tax rates for various entities under Arkansas Code 26-54-104.
Franchise Tax Type Current Rate Corporation/Bank with Stock 0.3% of the outstanding capital stock; $150 minimum Corporation/Bank without Stock $300 Limited Liability Company $150 Insurance Corporation Legal Reserve Mutual, Assets Less Than $100 million $300 Insurance Corporation Legal Reserve Mutual, Assets Greater Than $100 million $400 Insurance Company Outstanding Capital Stock Less Than $500,000 $300 Insurance Company Outstanding Capital Stock Greater Than $500,000 $400 Mortgage Loan Corporation 0.3% of the outstanding capital stock; $300 minimum Mutual Assessment Insurance Corporation $300 Unemployment Insurance Tax (New Business)
A business with no previous employment record in Arkansas is taxed at 3.7% on the first $12,000 of each employee’s earnings until an employment record is established, usually within three years.
Taxable wage base = $12,000
Rate = 3.7%
Unemployment Insurance Tax (Existing Arkansas Businesses)
Each business’ employment record is determined primarily by its taxable payroll and history of employee voluntary termination. The tax is determined by past experience and the amount of the reserve-ratio. The reserve-ratio is the excess of contributions paid over benefits charged as related to payroll. The higher the reserve-ratio, the lower the tax rate.
Rate = 0.9% - 12.8%