The bill proposes the creation of a sales and use tax exemption specifically for Inspiration Point Center for the Arts, Inc. It amends Arkansas Code 26-52-401 to include a new subdivision that exempts gross receipts or gross proceeds from sales of tangible personal property, specified digital products, digital codes, or services provided to the Center. This exemption aims to support the arts organization by alleviating its tax burden on relevant transactions.

Additionally, the bill establishes an effective date for the new exemption, stating that it will take effect on the first day of the calendar quarter following the act's approval. This provision ensures a clear timeline for when the exemption will be applicable, allowing both the Center and the state to prepare for the changes in tax collection and compliance.

Statutes affected:
HB 1828: 26-52-401