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 stating that water authorities are exempt 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 provide clearer tax exemptions for water authorities, ensuring they are not burdened by excise taxes, which could impact their operations and ability to serve the public.