AR HB1036

Amends Arkansas Code Title 26, Chapter 52, Subchapter 4 to add Section 26-52-444 establishing a sales and use tax exemption for renewable resource equipment.

Defines "renewable resource" to include solar, wind, geothermal, biomass, waste heat recovery, water, and waste water resources.

Defines "renewable resource equipment" as systems, components, mechanisms, or support services that use renewable resources as an energy source or offset traditional energy consumption like electricity or natural gas.

Exempts gross receipts from retail sales of renewable resource equipment from Arkansas's gross receipts tax under the Gross Receipts Act of 1941 and compensating use tax under the Compensating Tax Act of 1949.

Requires the Department of Finance and Administration to promulgate rules for implementation, effective the first day of the calendar quarter following the act's effective date.