(a) Any sales and use tax levied pursuant to this subchapter shall be levied and collected only on the first two thousand five hundred dollars ($2,500) of gross receipts, gross proceeds, or sales price on the sale of:
(1) Motor vehicles;
(2) Aircraft;
(3) Watercraft;
(4) Modular homes;
(5) Manufactured homes; or
(6) Mobile homes.
(b)
(1) For any taxpayer not subject to the levy of a use tax on taxable services or tangible personal property brought into the State of Arkansas for storage until the property is subsequently initially used in the State of Arkansas, the use tax portion of the local sales and use tax authorized by this subchapter shall be computed on each purchase of the property by the taxpayer as if all the property was subject upon purchase to the use tax but only on the first two thousand five hundred dollars ($2,500) of gross receipts, gross proceeds, or sales price on the sale of:
(A) Motor vehicles;
(B) Aircraft;
(C) Watercraft;
(D) Modular homes;
(E) Manufactured homes; or
(F) Mobile homes.
(2) The taxes so computed in the preceding sentence shall be aggregated on a monthly basis and the aggregate monthly amount shall be divided by the sum of the total purchases of the property on which the taxes are computed and the quotient shall be multiplied by the amount of the taxpayer's property subsequently initially used and subject to levy of such use tax within the municipality or county during the month for which the monthly aggregate tax figure was computed, and the product shall be the amount of such use tax liability for the taxpayer for the month computed.
Structure Arkansas Code
Subtitle 10 - Economic Development And Tourism Generally
Chapter 164 - Industrial Development Bonds
Subchapter 3 - Local Government Bond Act
§ 14-164-302. Legislative intent
§ 14-164-305. Subchapter supplemental
§ 14-164-307. Financing of economic development projects
§ 14-164-308. Bonds generally — Authorizing ordinance
§ 14-164-309. Bonds generally — Election to authorize issuance
§ 14-164-310. Bonds generally — Terms and conditions
§ 14-164-311. Bonds generally — Interest rates
§ 14-164-312. Bonds generally — Trust indenture
§ 14-164-313. Bonds generally — Contents
§ 14-164-314. Bonds generally — Execution
§ 14-164-315. Bonds generally — Sale
§ 14-164-316. Bonds generally — Pledge of taxes generally
§ 14-164-317. Bonds generally — Pledge and collection of ad valorem taxes
§ 14-164-318. Bonds generally — Successive issues
§ 14-164-319. Bonds generally — Mortgage lien — Definition
§ 14-164-320. Bonds generally — Liability
§ 14-164-321. Bonds generally — Tax exemption
§ 14-164-322. Bonds generally — Multipurpose bonds
§ 14-164-323. Bonds generally — Interim borrowing
§ 14-164-325. Taxes not state revenues
§ 14-164-326. Capital improvement bonds — Hotel and restaurant tax
§ 14-164-327. Capital improvement bonds — Local sales and use tax — Levy
§ 14-164-328. Capital improvement bonds — Local sales and use tax — Election to authorize
§ 14-164-332. Capital improvement bonds — Local sales and use tax — Pledge
§ 14-164-333. Capital improvement bonds — Local sales and use tax — Administration, collection, etc
§ 14-164-334. Capital improvement bonds — Local sales and use tax — Single transactions
§ 14-164-335. Capital improvement bonds — Local sales and use tax — Reports
§ 14-164-336. Local Sales and Use Tax Trust Fund
§ 14-164-337. Pledge of preexisting sales and use tax
§ 14-164-338. Alternative to issuance of bonds
§ 14-164-339. Simultaneous pledge of local sales and use tax
§ 14-164-340. Alternative to issuance of bonds — Criminal justice projects — Definition