Tax exemption

(a) The principal of and interest on bonds issued under this subchapter shall be exempt from all state, county, and municipal taxes, and this exemption shall include income, inheritance, and estate taxes. (b) All turnpike projects and all the properties thereof are legislatively determined and declared to be public properties used exclusively for public purposes. The legislative intent is that turnpike projects and all properties thereof shall be exempt from ad valorem taxes under and pursuant to the provisions of Arkansas Constitution, Article 16, § 5. Acts 2003, No. 296, § 5. (a) The principal of and interest on bonds issued under this subchapter shall be exempt from all state, county, and municipal taxes, and this exemption shall include income, inheritance, and estate taxes. (b) All turnpike projects and all the properties thereof are legislatively determined and declared to be public properties used exclusively for public purposes. The legislative intent is that turnpike projects and all properties thereof shall be exempt from ad valorem taxes under and pursuant to the provisions of Arkansas Constitution, Article 16, § 5. Acts 2003, No. 296, § 5.