| BUSINESS
/ FINANCING / TAXES |
Sales Tax |
Currently, within the city
of Morrilton, the sales tax is 8.75%. Of
that amount, 5.875% is a state sales tax,
1% is a city tax, .125% soil conservation
tax, .75% total for hospital, fire department & college,
and 1% is a county tax. |
Property Tax |
Conway County collects
a property tax on real estate and personal
at an effective rate determined by the
school district in which the property is
located. In Morrilton, tax per $1,000 of
value is presently $8.34. |
Corporate Income
Tax |
An income tax is imposed
on the income, before income taxes, of
every corporation organized under the laws
of this State and every foreign corporation
doing business within the jurisdiction
of this State and such tax is to be paid
annually to the State.
Rate and Base:
On the first $3,000
of income |
1.00%
|
On the second
$3,000 of income |
2.00%
|
On the next $5,000
of income |
3.00%
|
On the next $14,000
of income |
5.00%
|
On the next $75,000
of income, but not exceeding
$100,00 |
6.00%
|
If income exceeds
$100,000* |
6.50%
|
* The 6.5% shall be applied to the entire
income
|
Corporate Franchise
Tax |
Minimum of $50.00 per corporation.
Based on per value of shares and the number
of shares issued. Due and payable by the
30th of June each year with a $25.00 late
fee and penalty assessed. |
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