Bill > HB1506

This bill creates a sales and use tax exemption for parts purchased to repair agricultural equipment and machinery, as well as timber equipment and machinery, in the state of Arkansas. The term "agricultural equipment and machinery" refers to implements used exclusively and directly in commercial agricultural production, while "timber equipment and machinery" refers to implements used exclusively in the commercial production, harvesting, or processing of timber. The exemption applies to the gross receipts tax levied under the state's sales and use tax laws, and the compensating use tax. The effective date for this tax exemption is set to January 1, 2024.