AR HB1464

Creates a sales and use tax exemption for parts purchased to modify, replace, or repair agricultural equipment and machinery used exclusively and directly in farming

Exempts services related to installation, alteration, cleaning, refinishing, replacement, or repair of agricultural equipment and machinery from gross receipts and compensating use taxes

Defines "agricultural equipment and machinery" to include irrigation pipe, aviation machinery, and implements used to harvest crops, but excludes timber production implements, registerable motor vehicles, and hand tools

Defines "farming" as the business production of food, fiber, grass sod, or nursery products

Effective date is the first day of the calendar quarter following enactment of the act