A. All sales on which the Arkansas gross receipts tax is levied and all sales which are specifically exempted from taxation by Ark. Code Ann. § 26-52-101 et seq.

B. Aircraft, aircraft equipment, and railroad parts, cars, and equipment, or tangible personal property owned or leased by aircraft, airmotive, or railroad companies brought into Arkansas solely and exclusively for (i) refurbishing, conversion, or modification within Arkansas and is not used or intended for use in this state and such aircraft, aircraft equipment, and railroad parts, cars, and equipment or tangible personal property is removed from this state within sixty (60) days from the date of the completion of such refurbishing, conversion, or modification; or (ii) storage for use outside or inside Arkansas regardless of the length of time any such property is so stored in Arkansas. However, if any such property is subsequently initially used in Arkansas, the tax shall be applicable to the property so used in Arkansas. NOTE: This does not exempt from taxation any materials used in the refurbishing, conversion, or modification of such property in Arkansas which are subject to the Gross Receipts Act.

C. The gross receipts or gross proceeds derived from the sale or lease of railroad rolling stock manufactured for use in transporting persons or property in interstate commerce are exempt from the tax.

D. The gross receipts or gross proceeds derived from the sale of parts or labor used in the repair and maintenance of railroad parts, railroad cars, and equipment owned or leased by railroad companies and carriers are exempt from the tax.