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AR SB756
Bill
Status
3/24/2015
Primary Sponsor
Bart Hester
Click for details
AI Summary
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Amends Arkansas Code § 26-3-302 to clarify that permits or licenses required to operate off-premises advertising signs are classified as intangible personal property exempt from ad valorem taxes.
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Requires off-premises advertising signs to be valued using the cost approach method only, prohibiting the income approach or sales comparison approach.
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Establishes maximum depreciation periods of 20 years for static signs and 7 years for digital signs, with residual value not exceeding 20% of the sign's cost.
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Mandates use of straight-line depreciation for off-premises advertising signs and prohibits adjustments based on traffic count or location factors.
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Effective for assessment years beginning on or after January 1, 2015.
Legislative Description
To Provide A Valuation Method For Determining The Market Value Of Off-premises Advertising Signs; To Prevent Administrative Tax Increases; And To Reserve Within Legislative Bodies The Power To Set Tax Rates.
Last Action
Notification that SB756 is now Act 573
3/24/2015