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AR HB1818
Bill
Status
3/19/2021
Primary Sponsor
Howard Beaty
Click for details
AI Summary
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Adds new section 26-52-453 to Arkansas Code exempting parts purchased to repair agricultural equipment and machinery or timber equipment and machinery from sales and use taxes
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Defines "agricultural equipment and machinery" as implements used exclusively and directly in commercial agricultural production in Arkansas
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Defines "timber equipment and machinery" as implements used exclusively in commercial production, harvesting, or processing of timber in Arkansas
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Exempts gross receipts from repair parts sales from both the gross receipts tax and the compensating use tax under the Arkansas Compensating Tax Act of 1949
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Takes effect January 1, 2022
Legislative Description
To Create A Sales And Use Tax Exemption For Parts Purchased To Repair Agricultural Equipment And Machinery And Timber Equipment And Machinery.
Last Action
Recommended for study in the Interim by Joint Interim Committee on REVENUE & TAXATION- HOUSE
4/27/2021