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19-5-1126. Arkansas Public Transit Trust Fund.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-5-1126. Arkansas Public Transit Trust Fund.
(a) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the “Arkansas Public Transit Trust Fund”.
(b) The fund shall consist of seventy-five percent (75%) of the net revenues derived from the additional rental vehicle tax imposed by § 26-63-302.
(c) The fund shall be used by the Arkansas Department of Transportation for:
(1) The purpose of acquiring federal matching funds for the purchase of public transportation vehicles;
(2) Public transit equipment or facilities; and
(3) The operation of the United States Department of Transportation Federal Transit Administration assistance programs.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-5-1126
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. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:19-5-1126
Source file: gov.ar.code.title.19.odt
Pages: Not recorded – Not recorded
Passage SHA-256: ad728e00c8488326121164b84814c91ff04645f5a0a9926706c45ddd2a4cf420
Source location: content.xml paragraph 8835
Stored source content
19-5-1126. Arkansas Public Transit Trust Fund.
(a) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the “Arkansas Public Transit Trust Fund”.
(b) The fund shall consist of seventy-five percent (75%) of the net revenues derived from the additional rental vehicle tax imposed by § 26-63-302.
(c) The fund shall be used by the Arkansas Department of Transportation for:
(1) The purpose of acquiring federal matching funds for the purchase of public transportation vehicles;
(2) Public transit equipment or facilities; and
(3) The operation of the United States Department of Transportation Federal Transit Administration assistance programs.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
26-63-302. Rental vehicle tax.
(a)(1)(A) In addition to the gross receipts tax levied by the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq., and the compensating use tax levied by the Arkansas Compensating Tax Act of 1949, § 26-53-101 et seq., there is levied a rental vehicle tax.
(B) The rental vehicle tax is levied on the gross receipts or gross proceeds derived from the rental of a motor vehicle required to be licensed that is leased for a period of less than thirty (30) days.
(C) The gross receipts or gross proceeds derived from a rental described in subdivision (a)(1)(B) of this section is taxable whether or not the gross receipts tax levied by the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq., or the compensating use tax levied by the Arkansas Compensating Tax Act of 1949, § 26-53-101 et seq., was paid at the time of registration.
(2) The gross receipts or gross proceeds derived from the sale of a motor vehicle to a person engaged in the business of renting a motor vehicle required to be licensed is exempt from taxation under the gross receipts tax levied by the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq., the compensating use tax levied by the Arkansas Compensating Tax Act of 1949, § 26-53-101 et seq., and any municipal or county sales taxes if the motor vehicle is used exclusively for the purpose of rentals for periods of less than thirty (30) days.
(b)(1) In addition to the rate in subsection (c) of this section, the rental vehicle tax is levied at the rate of five percent (5%) and the rate of any applicable municipal or county taxes.
(2) Except as provided otherwise in this section, the rental vehicle tax shall be collected, reported, and paid in the same manner and at the same time as prescribed by this chapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-63-302
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 26-63-302. This identifies an authority to review, not proof of applicability.