HB1740
To Create A Sales And Use Tax Exemption For Sales To The Young Men's Christian Association.
Last Action (May 1, 2023): Died in House Committee at Sine Die Adjournment
Sponsors
AI-Generated Summary
House Bill 1740 seeks to amend the Arkansas Code to provide a sales and use tax exemption for purchases made by the Young Men's Christian Association (YMCA). The bill adds the YMCA to the list of entities exempt from paying gross receipts or gross proceeds taxes on the sale of tangible personal property, specified digital products, digital codes, or services. The exemption would go into effect on the first day of the calendar quarter following the effective date of the act.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiary is the Young Men's Christian Association (YMCA) operating within Arkansas, which would see a reduction in operational costs due to the sales and use tax exemption on their purchases.
Who Might Suffer?
The primary entity negatively impacted would be the State of Arkansas and potentially local governments, as they would experience a reduction in sales and use tax revenue that would otherwise have been collected on purchases made by the YMCA.
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