(a) Each authority shall be exempt from the payment of any taxes or fees to the state, or any subdivision thereof, or to any office or employee of the state, or of any subdivision thereof; however, each authority shall withhold and remit state income taxes as prescribed by the Arkansas Income Tax Withholding Act of 1965, § 26-51-901 et seq.

(b)

(1) The property of each authority shall be exempt from all local and municipal taxes.

(2) Bonds, notes, debentures, and other evidences of indebtedness of the authority are declared to be issued for a public purpose and to be public instrumentalities and, together with interest thereon, shall be exempt from all state, county, and municipal taxes, including, but without limitation, income, inheritance and estate taxes.

(c) A lessee of an authority under § 14-143-126 is exempt from state, county, and municipal sales and use taxes on purchases of tangible personal property and services if:

(1) The lessee's facility is constructed after July 22, 2015, and has not been occupied by any other authority lessee;

(2) At an establishment within fifty (50) miles of the intermodal facility, the lessee has not ceased or substantially reduced operations of a nature similar to those being performed at the lessee's facility within the intermodal facility;

(3) The tangible personal property or service is consumed, used, or performed at the lessee's facility within the intermodal facility; and

(4) The lessee's facility is used to carry out the essential governmental functions of the authority under § 14-143-104(b).