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19-5-904. Individual Income Tax Withholding Fund.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-5-904. Individual Income Tax Withholding Fund.
(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a trust fund to be known as the “Individual Income Tax Withholding Fund”.
(b) The Individual Income Tax Withholding Fund shall consist of those general revenues transferred to it under the provisions of § 19-5-202(b)(2) and those funds received from the Budget Stabilization Trust Fund as provided in § 19-5-501 et seq.
(c) The Individual Income Tax Withholding Fund shall be used to make income tax refunds to individual taxpayers in such amounts as may be determined by the Chief Fiscal Officer of the State or the courts and for repaying temporary loans made during each month from the Budget Stabilization Trust Fund, as may be required.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-5-904
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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Stable record: arkansas_code:legal_authorities:19-5-904
Source file: gov.ar.code.title.19.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 7e41fac936e873eb81be374307988b6334140aa4051c7f5309f9bfba1f6188e9
Source location: content.xml paragraph 6438
Stored source content
19-5-904. Individual Income Tax Withholding Fund.
(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a trust fund to be known as the “Individual Income Tax Withholding Fund”.
(b) The Individual Income Tax Withholding Fund shall consist of those general revenues transferred to it under the provisions of § 19-5-202(b)(2) and those funds received from the Budget Stabilization Trust Fund as provided in § 19-5-501 et seq.
(c) The Individual Income Tax Withholding Fund shall be used to make income tax refunds to individual taxpayers in such amounts as may be determined by the Chief Fiscal Officer of the State or the courts and for repaying temporary loans made during each month from the Budget Stabilization Trust Fund, as may be required.
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Arkansas Code — all titles (historical 2020) · legal_authorities
19-5-202. General Revenue Fund Account.
(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund account to be known as the “General Revenue Fund Account” of the State Apportionment Fund to which all gross general revenues are to be credited upon receipt of them by the Treasurer of State, there to be distributed as provided in this section. The Treasurer of State, with the approval of the Auditor of State and the Chief Fiscal Officer of the State, shall prescribe the procedures and forms required to be used by all governmental units depositing funds into the State Treasury.
(b) At the close of business at 12:00 noon on the last working day of each month, the Treasurer of State shall make the following distributions of the gross general revenues in the General Revenue Fund Account on properly signed forms prescribed by him or her, with the approval of the Auditor of State and the Chief Fiscal Officer of the State:
(1) From such gross general revenues received during each month, the Treasurer of State shall deduct the amounts represented by claims, taxes erroneously paid, uncollected checks, and advance transfers made to the Individual Income Tax Withholding Fund, Corporate Income Tax Withholding Fund, and Home Owners Tax Relief Fund from each applicable revenue received during that month and other advance transfers and shall keep a record for accounting purposes. Advance transfers made during the month to funds or fund accounts from which there are no applicable revenue sources shall be made from gross general revenues received during the month. The remaining revenue in the General Revenue Fund Account shall be designated as net general revenue; and
(2)(A) In the event the Budget Stabi
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-5-202
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 19-5-202. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-5-501. Fund generally.
(a)(1) There is established 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 “Budget Stabilization Trust Fund”.
(2) The Budget Stabilization Trust Fund shall consist of funds made available and transferred to it from the Securities Reserve Fund as set out in § 19-5-905, the fund balance and other assets remaining in the State Budget Revolving Fund on June 30, 1987, and any other funds made available by law.
(b) The Budget Stabilization Trust Fund shall be used for the purpose of:
(1)(A) Making temporary loans to those funds and fund accounts as set out in § 19-5-401 et seq., to the Division of Correction Farm Fund for farm production purposes, to the Division of Correction Prison Industry Fund, to the Department of Parks, Heritage, and Tourism Fund Account, to the Income Tax Refund Fund, to the Gasoline Tax Refund Fund, to the Interstate Motor Fuel Tax Refund Fund, and to the various funds established in the Revenue Classification Law, § 19-6-101 et seq., and any other funds or fund accounts as may be specified elsewhere in this section. The loans made to the funds and fund accounts set out in § 19-5-401 et seq. shall be repaid on or before June 30 of the fiscal year in which the loan is made, except as provided elsewhere in this section.
(B) The loans made to the Division of Correction Farm Fund are to be repaid on or before June 30 of the fiscal year following the fiscal year in which the loan was made after the amount of the outstanding loan made the previous fiscal year has been reduced by the value of products produced or processed on the farm that were consumed by inmates and other authorized personnel, in amounts as determined and certified by the
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-5-501
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 19-5-501. This identifies an authority to review, not proof of applicability.