AR HJR1021

Proposes a constitutional amendment to add § 17 to Article 16 of the Arkansas Constitution exempting certain tangible personal property from ad valorem taxes.

Defines "useful life" as the length of time an item of tangible personal property is expected to be usable in trade or business or to produce income.

Exempts from all ad valorem taxes tangible personal property that is consumed in the normal daily operations of a business and has a useful life of less than one (1) year.

Requires submission of the proposed amendment to Arkansas voters at the next general election for Representatives and Senators, with adoption requiring a majority vote.

Establishes the ballot title as the Joint Resolution title and the popular name as "A Constitutional Amendment to Exempt from Ad Valorem Taxation a Business's Tangible Personal Property That Has a Limited Useful Life".