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AR HB1506
Bill
Status
5/1/2023
Primary Sponsor
Howard Beaty
Click for details
AI Summary
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Creates new section 26-52-455 in Arkansas Code exempting parts purchased to repair agricultural equipment and machinery from sales and use taxes effective January 1, 2024
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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 repair parts from gross receipts tax under Chapter 52 and compensating use tax under the Arkansas Compensating Tax Act of 1949
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
Died in House Committee at Sine Die Adjournment
5/1/2023