(a) A person who purchases a prepaid funeral contract may pay gross receipts taxes on the tangible personal property purchased in the prepaid funeral contract on the date the prepaid funeral contract is purchased in lieu of paying the taxes at the time of the person's death.
(b) The rate of the tax shall be the gross receipts tax rate in effect pursuant to this chapter at the time the prepaid funeral contract is purchased.
(c) Each prepaid funeral contract shall state the following: "ALL SALES TAXES DUE UNDER THE ARKANSAS GROSS RECEIPTS ACT OF 1941 WHICH ARE NOT PAID IN FULL AS OF THE DATE OF THIS CONTRACT ARE DUE UPON THE DEATH OF THE INDIVIDUAL FOR WHOM THIS CONTRACT IS PURCHASED.".
Section: Previous 26-52-503 26-52-505 26-52-506 26-52-507 26-52-508 26-52-509 26-52-510 26-52-511 26-52-512 26-52-513 26-52-514 26-52-515 26-52-516 26-52-517 26-52-518 NextLast modified: November 15, 2016