This 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, but the conjunction "and" has been removed.

Furthermore, the bill establishes an effective date for these changes, stating that the new provisions will apply to assessment years beginning on or after January 1, 2026. This means that the tax exemptions for the specified motor vehicles will not take effect until that date, allowing for a transition period for affected institutions.

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