TO AMEND DEFINITIONS USED UNDER THE ARKANSAS TOBACCO PRODUCTS TAX ACT OF 1977; AND TO AMEND THE DEFINITION OF "INVOICE" AND THE DEFINITION OF "INVOICE PRICE" USED UNDER THE ARKANSAS TOBACCO PRODUCTS TAX ACT OF 1977.

Senate Bill 495 (Act 718) amends the definitions of "invoice" and "invoice price" under the Arkansas Tobacco Products Tax Act of 1977. The bill specifies that an "invoice" must include an itemized list of products, prices, and the physical addresses and permit numbers of both the selling manufacturer/wholesaler and the purchasing retailer/wholesaler. It defines "invoice price" as the amount a wholesaler or retailer pays to acquire tobacco, vapor, alternative nicotine, or e-liquid products for resale. If proof of purchase price is unavailable, the "invoice price" will be the manufacturer's highest selling price or, alternatively, the price of comparable products from a similar seller. These changes directly affect manufacturers, wholesalers, and retailers involved in the sale of these products in Arkansas.