(a) All income derived from the operation of any business or commercial enterprise or the sale, rental, or other disposition of any property used by a church in its operation of a business or commercial enterprise in this state shall be subject to the Arkansas income tax, except where the income is reinvested in similar property, and shall be reported and the Arkansas income tax paid thereon.
(b)
(1) Income from the interest on the savings and investments from dedicated funds, from the sale of dedicated church property, and from the rental of dedicated church property shall be excluded from the provisions of this section.
(2) It is not the intent of this section to impose the Arkansas income tax on rentals or gains on sales of dedicated property held only as a passive investment by a church.
(c) The Director of the Department of Finance and Administration is authorized to promulgate reasonable rules and regulations to carry out the provisions of this section.
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