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26-51-205. Corporations — Work Force 2000 Development Fund. [Effective until January 1, 2021.]
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-205. Corporations — Work Force 2000 Development Fund. [Effective until January 1, 2021.]
(a) Every corporation organized under the laws of this state shall pay annually an income tax with respect to carrying on or doing business on the entire net income of the corporation, as now defined by the laws of the State of Arkansas, received by such corporation during the income year, on the following basis:
(1) On the first $3,000 of net income or any part thereof 1%
On the second $3,000 of net income or any part thereof 2%
On the next $5,000 of net income or any part thereof 3%
On the next $14,000 of net income or any part thereof 5%
On the next $75,000 of net income or any part thereof, but not exceeding $100,000 6%
(2) On net income exceeding one hundred thousand dollars ($100,000), a flat rate of six and one-half percent (6½%) shall be applied to the entire net income.
(b) Every foreign corporation doing business within the jurisdiction of this state shall pay annually an income tax on the proportion of its entire net income as now determined by the income tax laws of Arkansas, on the following basis:
(1) On the first $3,000 of net income or any part thereof 1%
On the second $3,000 of net income or any part thereof 2%
On the next $5,000 of net income or any part thereof 3%
On the next $14,000 of net income or any part thereof 5%
On the next $75,000 of net income or any part thereof, but not exceeding $100,000 6%
(2) On net income exceeding one hundred thousand dollars ($100,000), a flat rate of six and one-half percent (6½%) shall be applied to the entire net income.
(c)(1)(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
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-205
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:26-51-205
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 74f4ca50d1de0527bddd83c4c5127e04105891ec6e06abb88bcc12da16a95e8d
Source location: content.xml paragraph 11425
Stored source content
26-51-205. Corporations — Work Force 2000 Development Fund. [Effective until January 1, 2021.]
(a) Every corporation organized under the laws of this state shall pay annually an income tax with respect to carrying on or doing business on the entire net income of the corporation, as now defined by the laws of the State of Arkansas, received by such corporation during the income year, on the following basis:
(1) On the first $3,000 of net income or any part thereof 1%
On the second $3,000 of net income or any part thereof 2%
On the next $5,000 of net income or any part thereof 3%
On the next $14,000 of net income or any part thereof 5%
On the next $75,000 of net income or any part thereof, but not exceeding $100,000 6%
(2) On net income exceeding one hundred thousand dollars ($100,000), a flat rate of six and one-half percent (6½%) shall be applied to the entire net income.
(b) Every foreign corporation doing business within the jurisdiction of this state shall pay annually an income tax on the proportion of its entire net income as now determined by the income tax laws of Arkansas, on the following basis:
(1) On the first $3,000 of net income or any part thereof 1%
On the second $3,000 of net income or any part thereof 2%
On the next $5,000 of net income or any part thereof 3%
On the next $14,000 of net income or any part thereof 5%
On the next $75,000 of net income or any part thereof, but not exceeding $100,000 6%
(2) On net income exceeding one hundred thousand dollars ($100,000), a flat rate of six and one-half percent (6½%) shall be applied to the entire net income.
(c)(1)(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 “Work Force 2000 Development Fund”.
(B) The Work Force 2000 Development Fund shall consist of those special revenues as specified in subdivision (c)(2) of this section and all other revenues as may be authorized by law.
(2)(A) The Revenue Division of the Department of Finance and Administration shall deposit the funds collected under the provisions of this section for corporate income tax into the State Treasury, there to be credited to the Revenue Holding Fund Account of the State Apportionment Fund.
(B)(i)(a) For each of the state's fiscal years, the Chief Fiscal Officer of the State shall determine as an annual allocation available under the provisions of this section an amount based on the total net revenues, as enumerated in subsections (a) and (b) of this section, which were collected in the immediate past year, multiplied by a factor of six hundred seventy-eight ten thousandths (.0678).
(b) On the last day of each month of the respective fiscal year, the Chief Fiscal Officer of the State shall certify to the Treasurer of State an amount based on one-twelfth (1/12) of the annual allocation provided in this section for transfer as specified in subdivision (c)(2)(B)(ii) of this section.
(ii) The Treasurer of State shall then transfer the amount so certified to the Special Revenue Fund Account as part of the gross special revenues.
(iii) After the deductions as set out in § 19-5-203 have been made, the remaining amount shall be credited to the Work Force 2000 Development Fund.
(iv) The remaining corporate income tax collections remaining in the Revenue Holding Fund Account shall be credited to the General Revenue Fund Account of the State Apportionment Fund, there to be distributed with the other gross general revenue collections for that month in accordance with the provisions of § 19-5-201 et seq.
(d)(1) All proceeds derived from the additional tax levied by this section shall be used exclusively for the authorized educational activities of:
(A) Any postsecondary vocational-technical school, technical institute, comprehensive lifelong learning center, technical college, community college; or
(B) Any postsecondary vocational-technical school, technical institute, comprehensive lifelong learning center, or technical college that merges with a two-year branch of a four-year institution, a four-year institution, a technical college, or a community college.
(2)(A) The distribution of the proceeds shall be supervised by the Career Education and Workforce Development Board for the postsecondary vocational-technical schools, technical institutes, and comprehensive lifelong learning centers.
(B) The distribution of the proceeds for technical colleges, community colleges, or any postsecondary vocational-technical school, technical institute, comprehensive lifelong learning center, or technical college that merges with a two-year branch of a four-year institution, a four-year institution, a technical college, or a community college shall continue at the same proportion as those distributions made in fiscal year 1996-1997, excluding one-time capital disbursements and professional development disbursements made in fiscal year 1996-1997 equal to the amount of funds distributed in fiscal year 1998-1999.
(C) Any increase in the amount of funds in the Work Force 2000 Development Fund above the amount distributed in fiscal year 1998-1999 shall be supervised by the Arkansas Higher Education Coordinating Board and shall be distributed after a review of needs including, but not limited to, equity considerations and workforce development and after consultation with the presidents and chancellors of the technical and former technical colleges.
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Arkansas Code — all titles (historical 2020) · legal_authorities
19-5-201. State Apportionment 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 “State Apportionment Fund”. After July 1, 1973, all general revenues and all special revenues, as defined in the Revenue Classification Law, § 19-6-101 et seq., shall be deposited by the Treasurer of State into the State Apportionment Fund, there to be handled and distributed as provided in this subchapter.
(b) All revenue received by the Treasurer of State by 4:00 p.m. of any normal working day shall be deposited and so credited to the State Apportionment Fund as occurring on that day and shall be deemed to be gross revenues for that respective day. For the purposes of accounting for such revenue, the Treasurer of State shall credit it to the proper fund account of the State Apportionment Fund as established by this section.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-5-201
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 19-5-201. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-5-203. Special 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 “Special Revenue Fund Account” of the State Apportionment Fund to which all gross special revenues are to be credited upon their receipt by the Treasurer of State, there to be distributed as provided in this section.
(b) At the close of books at 12:00 noon on the last working day of each month, the Treasurer of State shall make the following distributions of the gross special revenues in the 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 special revenues received during each month, the Treasurer of State shall deduct the amounts represented by claims, taxes erroneously paid, and uncollected checks from the applicable revenues received during that month and shall keep a record of such for accounting purposes. The remaining revenue in the account shall be designated as net special revenues; and
(2)(A) The Treasurer of State shall then deduct the same percentage as determined to be deducted from net general revenues in § 19-5-202 and be transferred under the same procedures as set forth in § 19-5-202 from each net special revenue collected by any of those agencies enumerated in § 19-5-205(b) and one-half (½) of the percentage deductions set out in § 19-5-202 and transferred in the same proportion to the State Central Services Fund and the Constitutional Officers Fund, from each net special revenue collected by any other department, board, agency, or commission.
(B) The Treasurer of State shall then transfer the remaining net special revenues to the
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-5-203
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 19-5-203. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-205. Corporations — Work Force 2000 Development Fund. [Effective January 1, 2021.]
(a)(1) Every corporation organized under the laws of this state shall pay annually an income tax with respect to carrying on or doing business on the entire net income of the corporation, as now defined by the laws of the State of Arkansas, received by the corporation during the income year, on the following basis:
(A) On the first three thousand dollars ($3,000) of net income or any part thereof, one percent (1%);
(B) On the second three thousand dollars ($3,000) of net income or any part thereof, two percent (2%);
(C) On the next five thousand dollars ($5,000) of net income or any part thereof, three percent (3%);
(D) On the next fourteen thousand dollars ($14,000) of net income or any part thereof, five percent (5%);
(E) On the next seventy-five thousand dollars ($75,000) of net income or any part thereof, but not exceeding one hundred thousand dollars ($100,000), six percent (6%); and
(F) On net income exceeding one hundred thousand dollars ($100,000), six and five-tenths percent (6.5%).
(2) For the tax year beginning January 1, 2021, every corporation organized under the laws of this state shall pay annually an income tax with respect to carrying on or doing business on the entire net income of the corporation, as now defined by the laws of this state, received by the corporation during the income year, on the following basis:
(A) On the first three thousand dollars ($3,000) of net income or any part thereof, one percent (1%);
(B) On the next three thousand dollars ($3,000) of net income or any part thereof, two percent (2%);
(C) On the next five thousand dollars ($5,000) of net income or any part thereof, three percent (3%);
(D) On the next fourteen tho
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-205
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. Same stored citation; legal effect and authority still require review.