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26-53-146. Exemption for qualified museums — Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-53-146. Exemption for qualified museums — Definitions.
(a) As used in this section:
(1) “Exemption certificate” means an exemption certificate issued by the Secretary of the Department of Finance and Administration under subdivision (d)(1) of this section;
(2) “Nonprofit organization” means any organization described in 26 U.S.C. § 501(c)(3), as in effect on January 1, 2005;
(3) “Qualified museum” means any nonprofit organization that acquires a collection of artwork for purposes of establishing and operating a qualified museum facility, regardless of whether the nonprofit organization may engage in any other charitable activities if the:
(A) Fair market value of the artwork collection of the nonprofit organization for public viewing and exhibition at the qualified museum facility exceeds one hundred million dollars ($100,000,000) prior to January 1, 2013; and
(B) The secretary has issued an exemption certificate to the nonprofit organization; and
(4) “Qualified museum facility” means a facility, including the structures, buildings, and any ancillary or related structures or buildings and real property associated with the facility, including auditoriums, parking areas, and educational facilities that house a collection of artwork or other exhibits for public viewing and exhibition if the:
(A) Principal location and primary operations of the facility will be within the State of Arkansas;
(B) Museum portion of the facility opens to the public after January 1, 2005, and prior to January 1, 2013; and
(C) Aggregate total costs of the construction and acquisition of the facility exceed thirty million dollars ($30,000,000) prior to January 1, 2013.
(b)(1) The storage, use, distribution, or consumption of tangible personal property, specified digital pr
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-53-146
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Stable record: arkansas_code:legal_authorities:26-53-146
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d92dcf993312d657450611a7e8de98df3e6f033f19711e315aa15e3e4bde7b08
Source location: content.xml paragraph 22082
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26-53-146. Exemption for qualified museums — Definitions.
(a) As used in this section:
(1) “Exemption certificate” means an exemption certificate issued by the Secretary of the Department of Finance and Administration under subdivision (d)(1) of this section;
(2) “Nonprofit organization” means any organization described in 26 U.S.C. § 501(c)(3), as in effect on January 1, 2005;
(3) “Qualified museum” means any nonprofit organization that acquires a collection of artwork for purposes of establishing and operating a qualified museum facility, regardless of whether the nonprofit organization may engage in any other charitable activities if the:
(A) Fair market value of the artwork collection of the nonprofit organization for public viewing and exhibition at the qualified museum facility exceeds one hundred million dollars ($100,000,000) prior to January 1, 2013; and
(B) The secretary has issued an exemption certificate to the nonprofit organization; and
(4) “Qualified museum facility” means a facility, including the structures, buildings, and any ancillary or related structures or buildings and real property associated with the facility, including auditoriums, parking areas, and educational facilities that house a collection of artwork or other exhibits for public viewing and exhibition if the:
(A) Principal location and primary operations of the facility will be within the State of Arkansas;
(B) Museum portion of the facility opens to the public after January 1, 2005, and prior to January 1, 2013; and
(C) Aggregate total costs of the construction and acquisition of the facility exceed thirty million dollars ($30,000,000) prior to January 1, 2013.
(b)(1) The storage, use, distribution, or consumption of tangible personal property, specified digital products, or a digital code by a qualified museum is exempt from this subchapter.
(2) The exemption provided in subdivision (b)(1) of this section shall also apply to the storage, use, distribution, or consumption of materials by a qualified museum or its contractor or agent used in the construction, repair, expansion, or operation of the qualified museum facility.
(c) A nonprofit organization requesting recognition as a qualified museum shall file with the secretary on forms prescribed by the secretary a written statement under oath:
(1)(A) Describing the facts upon which the nonprofit organization claims the exemption under this section.
(B) This statement shall be filed prior to first claiming the exemption under this section and shall include facts indicating that the nonprofit organization has a good faith plan and intent to satisfy the conditions under subdivision (c)(2) of this section; and
(2) On or before June 30, 2013, stating that the following conditions have been met:
(A) The nonprofit organization has established and operated prior to January 1, 2013, a facility that houses a collection of artwork or other exhibits for public viewing and exhibition;
(B) The principal location and primary operations of the facility are within the State of Arkansas;
(C) The museum portion of the facility first opened to the public after January 1, 2005, and prior to January 1, 2013;
(D) The aggregate total costs of construction and acquisition of the facility, including the structures, buildings, ancillary or related structures or buildings, real property used in connection with the facility, auditoriums, parking areas, and educational facilities exceeded thirty million dollars ($30,000,000) prior to January 1, 2013; and
(E) Prior to January 1, 2013, the nonprofit organization acquired a collection of artwork with a fair market value in excess of one hundred million dollars ($100,000,000) for public viewing and exhibition at the qualified museum facility.
(d)(1) After filing the statement required under subdivision (c)(1) of this section, if the secretary finds that the nonprofit organization has a good faith plan and intent to satisfy the conditions of subdivision (c)(2) of this section prior to January 1, 2013, the secretary shall issue an exemption certificate to the nonprofit organization within sixty (60) days after the filing of the statement.
(2) The secretary may revoke the exemption certificate at any time after it is issued if the secretary determines that the nonprofit organization is unable to satisfy the conditions under subdivision (c)(2) of this section prior to January 1, 2013.
(3) After filing the statement required under subdivision (c)(2) of this section, if the secretary determines that the nonprofit organization has not met the conditions under subdivision (c)(2) of this section, the secretary shall revoke the exemption certificate of the nonprofit organization.
(4) If the nonprofit organization fails to file the statement described in subdivision (c)(2) of this section on or prior to June 30, 2013, the secretary shall revoke the exemption certificate.
(5) Revocation by the secretary of an exemption certificate shall be retroactive to the date of its issuance subject to subsection (e) of this section.
(e)(1) If the secretary revokes the exemption certificate, any tax deficiency, related interest, and applicable penalties due under the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq., this subchapter, or the Arkansas Tax Procedure Act, § 26-18-101 et seq., may be assessed against the nonprofit organization but may not be assessed against a third party that has relied in good faith on the exemption certificate prior to its revocation.
(2) If the secretary revokes the exemption certificate, any tax deficiency, related interest, and applicable penalties assessed against the nonprofit organization shall also include any tax deficiency, related interest, and applicable penalties assessed on purchases made by the nonprofit organization's contractors and agents for the benefit of the nonprofit organization in reliance on the exemption certificate.
(3)(A) Any assessment by the secretary under subdivision (e)(1) or subdivision (e)(2) of this section shall be made in accordance with the Arkansas Tax Procedure Act, § 26-18-101 et seq.
(B) However, the time period for the secretary to make the assessment is extended to whichever of the following occurs first:
(i) Three (3) years from the date the nonprofit organization files the statement under subdivision (c)(2) of this section; or
(ii) July 1, 2016.
(4) The nonprofit organization may contest any assessment or other determination by the secretary in accordance with the Arkansas Tax Procedure Act, § 26-18-101 et seq.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Exemption from taxation** An organization described in subsection (c) or (d) or section 401(a) shall be exempt from taxation under this subtitle unless such exemption is denied under section 502 or 503.
**(b) Tax on unrelated business income and certain other activities** An organization exempt from taxation under subsection (a) shall be subject to tax to the extent provided in parts II, III, and VI of this subchapter, but (notwithstanding parts II, III, and VI of this subchapter) shall be considered an organization exempt from income taxes for the purpose of any law which refers to organizations exempt from income taxes.
**(c) List of exempt organizations** The following organizations are referred to in subsection (a):
(1) Any corporation organized under Act of Congress which is an instrumentality of the United States but only if such corporation—
(A) is exempt from Federal income taxes—
(i) under such Act as amended and supplemented before July 18, 1984, or
(ii) under this title without regard to any provision of law which is not contained in this title and which is not contained in a revenue Act, or
(B) is described in subsection (l).
(2) Corporations organized for the exclusive purpose of holding title to property, collecting income therefrom, and turning over the entire amount thereof, less expenses, to an organization which itself is exempt under this section. Rules similar to the rules of subparagraph (G) of paragraph (25) shall apply for purposes of this paragraph.
(3) Corporations, and any community chest, fund, or foundation, organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes, or to foster national or international amateur sports competition (but only
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 501
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 501. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 1660
TITLE 26—INTERNAL REVENUE CODE
§ 501
1 So in original. Probably should be ‘‘Certain savings entities.’’
and 1171–1177] or title XVIII [§§ 1800–1899A] of Pub. L.
99–514 require an amendment to any plan, such plan
amendment shall not be required to be made before the
first plan year beginning on or after Jan. 1, 1989, see
section 1140 of Pub. L. 99–514, as amended, set out as a
note under section 401 of this title.
TREATMENT OF TRANSFERS OF LAND BETWEEN
RELATED PARTIES
Pub. L. 99–514, title XVIII, § 1803(a)(9), Oct. 22, 1986, 100
Stat. 2794, provided that: ‘‘In the case of any sale or ex-
change before July 1, 1985, to which section 483(f) of the
Internal Revenue Code of 1954 [now 1986] (as in effect on
the day before the date of the enactment of Public Law
99–121 [Oct. 11, 1985]) applies, such section shall be
treated as providing that the discount rate to be used
for purposes of section 483(c)(1) of such Code shall be 6
percent, compounded semiannually.’’
TRANSITIONAL RULE FOR PURPOSES OF IMPUTED
INTEREST RULES
Provisions, respecting treatment of debt instruments
received in exchange for property, relating to special
rules for sales after Dec. 31, 1984, and before July 1, 1985,
general rule for assumptions of loans, exception for as-
sumptions of loans made on or before Oct. 15, 1984, and
exception for assumptions of loans with respect to cer-
tain property, see section 44(b)(4)–(7) of Pub. L. 98–369,
as amended, set out as an Effective Date note under
section 1271 of this title.
Subchapter F—Exempt Organizations
Part
I.
General rule.
II.
Private foundations.
III.
Taxation of business income of certain ex-
empt organizations.
IV.
Farmers’ cooperatives.
V.
Shipowners’ protection and indemnity asso-
ciations.
VI.
Political org
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 501
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 501. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-18-101. Title.
This chapter shall be known and may be cited as the “Arkansas Tax Procedure Act”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-18-101
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 26-18-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-52-101. Title.
This chapter shall be known and cited as the “Arkansas Gross Receipts Act of 1941”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-52-101
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 26-52-101. This identifies an authority to review, not proof of applicability.