The proposed bill aims to establish a sales and use tax exemption specifically for the Arkansas Museum of Fine Arts and the Arkansas Museum of Fine Arts Foundation. To implement this, the bill amends Arkansas Code 26-52-401 by adding a new subdivision that exempts gross receipts or gross proceeds from the sale of tangible personal property, specified digital products, digital codes, or services provided to these two entities.

Additionally, the bill includes a provision that specifies the effective date of the new exemption, stating that it will take effect on the first day of the calendar quarter following the act's approval. This legislative change is intended to support the financial sustainability of the Arkansas Museum of Fine Arts and its foundation by alleviating tax burdens associated with their operations.

Statutes affected:
SB 535: 26-52-401
Act 781: 26-52-401