§ 14-164-702 - Applicability. - Arkansas Statutes

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 themselves, as such facilities are defined in 14-164-201 -- 14-164-206, 14-164-208 -- 14-164-224, and 14-267-101 -- 14-267-113, to be exempt from ad valorem taxation, but the interest of a lessee or of a purchaser under a contract of sale of industrial facilities which are so exempt shall also be exempt from ad valorem taxation. To this end, the interest of a lessee or of a purchaser is found and declared to be, and shall be considered for all purposes of ad valorem taxation, intangible personal property. This finding and declaration is made pursuant to 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 shall be applicable 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existing industrial facilities and to all future industrial facilities involved in Arkansas Constitution, Amendment 49 [repealed ], 14-164-201 -- 14-164-206, 14-164-208 -- 14-164-224, and 14-267-101 -- 14-267-113 financings, and to all existing and future interests in leases or purchase contracts pertaining to these industrial facilities.