006.05.95 Ark. Code R. § 007 - Amendment to Arkansas Gross Receipts Regulation GR-43(D) and GR-43(E)

These amendments to the Arkansas Gross Receipts Regulations are necessary in order to properly implement and enforce Ark Code Ann. § 26-52-401(18) (B) and are promulgated pursuant to the authority vested in the Director of the Depart and Administration and the Commissioner of Revenue by Act 386 of 1941 and Act 401 of 1979.

Gross Receipts Regulation GR-43(D) and GR-43(E) are amended to read as follows:

"(D) The gross receipts or gross proceeds derived from the sale of seed to be used in the commercial production of any agricultural product, or in the commercial production of any agricultural seed are exempt from the tax. Also, the gross receipts or gross proceeds derived from the sale of seedlings used in the commercial production of timber are exempt from tax. For purposes of this subsection the term * commercial production' means that the purchaser of the seed or seedling is engaged in the business of growing agricultural products, including the production of timber.
(E) The term ' agricultural' means operations engaged in for the production of food, fiber or timber."

Notes

006.05.95 Ark. Code R. § 007
11/6/1995

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