HB1490
To Create A Sales And Use Tax Exemption For The Arkansas Museum Of Fine Arts.
Last Action (Feb. 23, 2023): WITHDRAWN BY AUTHOR
Sponsors
AI-Generated Summary
House Bill 1490 seeks to amend the Arkansas Code to provide a sales and use tax exemption for the Arkansas Museum of Fine Arts. Specifically, the bill exempts the museum from paying sales and use taxes on the purchase of tangible personal property, specified digital products, digital codes, or services. The legislation aims to lower the operational or procurement costs for the museum by eliminating these tax burdens. The act is scheduled to take effect on the first day of the calendar quarter following its enactment.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiary is the Arkansas Museum of Fine Arts, which would see reduced costs for goods and services. This could indirectly benefit the museum's patrons, visitors, and stakeholders by potentially allowing the museum to allocate saved funds toward its exhibits, programs, and general operations.
Who Might Suffer?
The primary entity negatively impacted is the State of Arkansas and its local governments, which would experience a reduction in tax revenue due to the exemption. To the extent that this creates a budget shortfall, taxpayers or other government programs could potentially be impacted if the state needs to offset the loss of revenue.
Get Notified
Receive an email when this bill's status changes.