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AR HB1553
Bill
Status
4/27/2011
Primary Sponsor
Bruce Westerman
Click for details
AI Summary
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Amends Arkansas Code Title 26, Chapter 52, Subchapter 4 to create a new section 26-52-444 establishing a sales and use tax exemption for eligible construction materials used in public road construction projects.
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Exemption applies only to construction materials that are directly used in road construction projects initiated and paid for with publicly funded bonds (bonds paid for with funds or guarantees from a public entity).
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"Eligible construction material" includes items or products used directly in public road construction projects, and "road construction project" encompasses construction, restoration, reconstruction, renovation, or repair of roads, highways, streets, bridges, overpasses, interchanges, or rights-of-way.
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Gross receipts from the sale of eligible construction materials are exempt from both the Arkansas Gross Receipts Act of 1941 and the Arkansas Compensating Tax Act of 1949.
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Effective date is July 1, 2012, with the Director of the Department of Finance and Administration authorized to promulgate implementing rules.
Legislative Description
Create An Exemption From Sales And Use Tax For Construction Materials Paid For With Publicly Funded Bonds And Used For Public Road Construction Projects.
Last Action
House Died in House Committee at Sine Die adjournment.
4/27/2011