Arkansas legislation · 95th General Assembly (2025 Regular)
Arkansas HB1960: TO PROVIDE THAT THE LESSEE OF A LEASED MOTOR VEHICLE IS THE OWNER FOR PURPOSES OF THE ASSESSMENT AND PAYMENT OF PROPERTY TAXES; AND TO AMEND THE LAW CONCERNING LOCAL SALES AND USE TAXES ON CERTAIN TANGIBLE PERSONAL PROPERTY
Status: Chaptered, April 22, 2025
What the bill says
An act to be entitled an act to amend the law concerning the application of certain taxes to leased motor vehicles; to amend the law concerning the assessment and payment of personal property taxes on certain leased motor vehicles; to provide that the lessee of a leased motor vehicle is the owner of the leased motor vehicle for purposes of the assessment and payment of property taxes; to amend the law concerning the maximum tax limitation on the levy of local sales and use taxes on sales of certain tangible personal property; and for other purposes…
From the enrolled text:
An Act To Be Entitled AN ACT TO AMEND THE LAW CONCERNING THE APPLICATION OF CERTAIN TAXES TO LEASED MOTOR VEHICLES; TO AMEND THE LAW CONCERNING THE ASSESSMENT AND PAYMENT OF PERSONAL PROPERTY TAXES ON CERTAIN LEASED MOTOR VEHICLES; TO PROVIDE THAT THE LESSEE OF A LEASED MOTOR VEHICLE IS THE OWNER OF THE LEASED MOTOR VEHICLE FOR PURPOSES OF THE ASSESSMENT AND PAYMENT OF PROPERTY TAXES; TO AMEND THE LAW CONCERNING THE MAXIMUM TAX LIMITATION ON THE LEVY OF LOCAL SALES AND USE TAXES ON SALES OF CERTAIN TANGIBLE PERSONAL PROPERTY; AND FOR OTHER PURPOSES. Subtitle TO PROVIDE THAT THE LESSEE OF A LEASED MOTOR VEHICLE IS THE OWNER FOR PURPOSES OF THE ASSESSMENT AND PAYMENT OF PROPERTY TAXES; AND TO AMEND THE LAW CONCERNING LOCAL SALES AND USE TAXES ON CERTAIN TANGIBLE PERSONAL PROPERTY. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: SECTION 1. Arkansas Code § 26-26-706, concerning lists of motor vehicle licenses for the purpose of property tax assessment, is amended to add an additional subsection to read as follows: (c) As used in this section, "vehicle owner" means, for purposes of a motor vehicle that is leased pursuant to a contract providing for the use of *JLL377* 04-09-2025 18:26:21 JLL377 As Engrossed: S4/9/25 HB1960 the motor vehicle by the lessee for …