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. This change aims to provide further financial relief to public charities by including their leased vehicles in the tax exemption.

Additionally, 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 timeline allows institutions of public charity to prepare for the new tax exemption on their leased motor vehicles.

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