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AR HB1040

Bill

Official Source

Status

Introduced

12/17/2020

Primary Sponsor

Logan Jett

Click for details

Origin

House of Representatives

93rd General Assembly (2021 Regular)

AI Summary

  • Amends Arkansas Code § 26-52-407 to define "vessel" as a motor-driven watercraft used for commercial purposes to transport tangible property or persons on rivers, lakes, or navigable streams of the state

  • Exempts gross receipts and proceeds from sales of vessels, barges, and towboats of at least 50 tons load displacement from Arkansas gross receipts tax

  • Exempts parts and labor used in repair and construction of qualifying vessels from gross receipts tax

  • Effective January 1, 2022

Legislative Description

To Amend The Sales Tax Exemption For Certain Vessels; And To Provide A Definition Of "vessel" For Purposes Of The Sales Tax Exemption.

Last Action

WITHDRAWN BY AUTHOR

2/23/2021

Committee Referrals

Revenue and Taxation1/11/2021

Full Bill Text

No bill text available