The bill amends Arkansas Code 26-3-301(7) to expand the list of properties exempt from taxation. It specifies that, in addition to buildings and land belonging to institutions of purely public charity, motor vehicles that are leased for a minimum of twelve months by such institutions will also be exempt from taxation. The previous language that included "all moneys and credits appropriated solely to sustaining, and belonging exclusively to, these institutions" has been retained, while the conjunction "and" has been removed.

Furthermore, the bill establishes an effective date for this amendment, stating that it will apply to assessment years beginning on or after January 1, 2026. This change aims to provide additional financial relief to public charities by exempting more of their assets from taxation.

Statutes affected:
HB 1599: 26-3-301(7)