The bill amends the sales and use tax exemption for commercial jet aircraft in Arkansas, specifically focusing on the definition and components of such aircraft. It replaces the term "jet" with "turbine engine" in the legal language, thereby broadening the scope of the exemption to include parts and services related to commercial turbine engine aircraft components and subcomponents. The definition of commercial turbine engine aircraft is also clarified to encompass various types of aircraft, including military and private, that operate under specific federal regulations, regardless of their weight.

Additionally, the bill establishes an effective date for these changes, stating that the amendments will take effect on the first day of the calendar quarter following the enactment of the act. This legislative update aims to enhance the clarity and applicability of tax exemptions related to aircraft, potentially benefiting businesses involved in the aviation sector.

Statutes affected:
HB 1478: 26-52-401(28)