The bill amends the existing law regarding tax exemptions for water authorities in Arkansas. It specifies that all property and income generated by a water authority is considered public property used exclusively for public purposes, thereby exempting it from ad valorem taxation by all taxing authorities. Additionally, the bill introduces a new provision that explicitly exempts water authorities from all excise taxes of any kind or nature.

The effective date of this amendment is set for the first day of the calendar quarter following the enactment of the act. This change aims to clarify and enhance the tax-exempt status of water authorities, ensuring they are not subject to excise taxes, which could impact their financial operations and ability to serve the public.