Soybean
The assessment is levied to promote research, promotion and market development. The assessment is reported/paid by the first purchaser (country elevator, terminal, processor, seed producer, trucker or extruder). Monthly reporting forms are mailed out by the Miscellaneous Tax Section and are required to be completed/filed by the last day of each month following the report month.
Taxation
The assessment rate is $0.005 per net market value on all soybeans grown within the State of Arkansas. The assessment is deducted from the amount paid the producer at the first point of sale, whether within or without the state, or at the point the soybeans enter into the United States Department of Agriculture loan program. The first purchaser is responsible for collecting from the producer. First purchasers are required to collect on all soybeans purchased regardless of the state-of-origin. The soybean assessment does not apply to any first purchaser who purchases 1,000 or less bushels in any calendar year.
Applicable Statutes
AR Code Ann. §2-20-401 et seq.
Soybean Promotion, Research, and Consumer Information Act (7 U.S.C. 6301-6311)
