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26-74-613. Administration of Local Sales and Use Tax Trust Fund.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-74-613. Administration of Local Sales and Use Tax Trust Fund.
(a)(1) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a trust fund for the remittance of local sales and use taxes that shall be known as the “Local Sales and Use Tax Trust Fund”.
(2)(A) There is also created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a trust fund which shall be known as the “Identification Pending Trust Fund for Local Sales and Use Taxes”.
(B)(i) Money reported as local sales and use taxes that was collected in local taxing jurisdictions that are not immediately identifiable and money collected in local jurisdictions that have no tax shall be deposited into the Identification Pending Trust Fund for Local Sales and Use Taxes.
(ii) When a local tax jurisdiction is identified for money that has been deposited into the Identification Pending Trust Fund for Local Sales and Use Taxes, the money shall be transferred to the Local Sales and Use Tax Trust Fund.
(iii) When the total amount in the Identification Pending Trust Fund for Local Sales and Use Taxes exceeds fifty thousand dollars ($50,000), the Treasurer of State shall transfer any amount in excess of fifty thousand dollars ($50,000) to general revenues.
(b)(1) As the administrator of the Local Sales and Use Tax Trust Fund, the Treasurer of State shall review the flow of money through the Local Sales and Use Tax Trust Fund in the State Treasury for the purpose of estimating the amount of the moneys as may be surplus to the immediate requirements of the Local Sales and Use Tax Trust Fund.
(2)(A) After making the estimate, the Treasurer of State shall invest the estimated surplus amount in certi
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-74-613
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:26-74-613
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b50517ff4dbd1c15491add2b0e18594be954293cfd06531f9750ed4bb7aafcb9
Source location: content.xml paragraph 33567
Stored source content
26-74-613. Administration of Local Sales and Use Tax Trust Fund.
(a)(1) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a trust fund for the remittance of local sales and use taxes that shall be known as the “Local Sales and Use Tax Trust Fund”.
(2)(A) There is also created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a trust fund which shall be known as the “Identification Pending Trust Fund for Local Sales and Use Taxes”.
(B)(i) Money reported as local sales and use taxes that was collected in local taxing jurisdictions that are not immediately identifiable and money collected in local jurisdictions that have no tax shall be deposited into the Identification Pending Trust Fund for Local Sales and Use Taxes.
(ii) When a local tax jurisdiction is identified for money that has been deposited into the Identification Pending Trust Fund for Local Sales and Use Taxes, the money shall be transferred to the Local Sales and Use Tax Trust Fund.
(iii) When the total amount in the Identification Pending Trust Fund for Local Sales and Use Taxes exceeds fifty thousand dollars ($50,000), the Treasurer of State shall transfer any amount in excess of fifty thousand dollars ($50,000) to general revenues.
(b)(1) As the administrator of the Local Sales and Use Tax Trust Fund, the Treasurer of State shall review the flow of money through the Local Sales and Use Tax Trust Fund in the State Treasury for the purpose of estimating the amount of the moneys as may be surplus to the immediate requirements of the Local Sales and Use Tax Trust Fund.
(2)(A) After making the estimate, the Treasurer of State shall invest the estimated surplus amount in certificates of deposit issued by any financial institution located in the State of Arkansas.
(B) All interest income derived from the certificates of deposit shall be credited as trust fund income to the Local Sales and Use Tax Trust Fund.
(3) The Treasurer of State shall transmit monthly to the county treasurer the county's proportionate share of the interest derived from investment of the Local Sales and Use Tax Trust Fund.
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