(a) The gross receipts or gross proceeds derived from the sale of an aircraft within the state are exempt from the gross receipts tax levied under this chapter and the compensating use tax levied by the Arkansas Compensating Tax Act of 1949, ยง 26-53-101 et seq., if the aircraft is sold by a person that is the resident of another state to a purchaser that:
(1) Is a resident of another state; and
(2) Will base the aircraft outside of the State of Arkansas.
(b) The fact that a purchaser takes possession of an aircraft in this state does not prevent the application of the exemption provided in this section if the purchaser takes possession of the aircraft for the sole purpose of:
(1) Removing the aircraft from this state under its own power; or
(2) Locating the aircraft at a maintenance facility in this state for the time period necessary to complete maintenance or modifications to the aircraft if the aircraft is removed from this state upon completion of the maintenance or modifications.
Section: Previous 26-52-438 26-52-439 26-52-440 26-52-441 26-52-442 26-52-443 26-52-444 26-52-445 26-52-446 26-52-447 26-52-448 26-52-449 26-52-450 26-52-451Last modified: November 15, 2016