Arkansas Code
Subchapter 7 - Exemptions from Ad Valorem Taxation
§ 14-164-702. Applicability

(a) Pursuant to the findings and declarations of the state in § 14-164-701, it is found and declared that not only are the industrial facilities owned by a municipality, county, or the Arkansas Development Finance Authority financed with bonds issued under §§ 14-164-201 — 14-164-206, 14-164-208 — 14-164-224, § 14-267-101 et seq., §§ 15-5-101 — 15-5-105, 15-5-207, § 15-5-301 et seq., and the Arkansas Development Finance Authority Bond Guaranty Act of 1985, § 15-5-401 et seq., to be exempt from ad valorem taxation, but the interest of a lessee or of a purchaser under a contract for sale of industrial facilities that are so exempt are also exempt from ad valorem taxation. To this end, the interest of a lessee or of a purchaser is intangible personal property for purposes of ad valorem taxation. This finding and declaration is made under the authority granted to the General Assembly by and in implementation of the provisions and purposes of Arkansas Constitution, Amendment 57.
(b) The findings and declarations made in § 14-164-701 and the policy declared in this section apply to all existing industrial facilities and to all future industrial facilities involved in Arkansas Constitution, Amendment 49 [repealed], §§ 14-164-201 — 14-164-206, 14-164-208 — 14-164-224, § 14-267-101 et seq., §§ 15-5-101 — 15-5-105, 15-5-207, § 15-5-301 et seq., and the Arkansas Development Finance Authority Bond Guaranty Act of 1985, § 15-5-401 et seq. financings, and to all existing and future interests in leases or purchase contracts pertaining to these industrial facilities.