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26-82-111. Disposition of funds.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-82-111. Disposition of funds.
(a)(1)(A) The Treasurer of State shall transmit to the treasurer or financial officer of each levying entity the levying entity's share of local sales and use taxes collected under this chapter.
(B) Transmittals required under this chapter shall be made at least monthly in each state fiscal year.
(C) Funds transmitted under this chapter may be used by the levying entity for any purpose authorized under this chapter.
(2) Before transmitting the funds, the Treasurer of State shall deduct three percent (3%) of the sum collected from each levying entity during the period as a charge by the state for its services specified in this chapter, and the amount deducted shall be deposited by the Treasurer of State to the credit of the account of the Constitutional Officers Fund and the State Central Services Fund.
(b)(1)(A) The Treasurer of State may retain in the suspense account of any levying entity a portion of the levying entity's share of the local sales and use tax collected under this chapter.
(B) A balance retained in the suspense account shall not exceed five percent (5%) of the amount remitted to the levying entity.
(2) The Treasurer of State may make refunds from the suspense account of any levying entity:
(A) For overpayments made to the account after the refunds have been approved by the Secretary of the Department of Finance and Administration; and
(B) To redeem dishonored checks and drafts deposited to the credit of the suspense account of the levying entity.
(c)(1) When any city or county adopts a local sales and use tax and then abolishes the tax, the Treasurer of State shall retain in the suspense account of the levying entity for a period of one (1) year five percent (5%) of the final remittance to the levying
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-82-111
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:26-82-111
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 2e14cc12288ece1a4a91a2abd839dcb473c627bcd3c71749dd69aa101e3b6387
Source location: content.xml paragraph 36637
Stored source content
26-82-111. Disposition of funds.
(a)(1)(A) The Treasurer of State shall transmit to the treasurer or financial officer of each levying entity the levying entity's share of local sales and use taxes collected under this chapter.
(B) Transmittals required under this chapter shall be made at least monthly in each state fiscal year.
(C) Funds transmitted under this chapter may be used by the levying entity for any purpose authorized under this chapter.
(2) Before transmitting the funds, the Treasurer of State shall deduct three percent (3%) of the sum collected from each levying entity during the period as a charge by the state for its services specified in this chapter, and the amount deducted shall be deposited by the Treasurer of State to the credit of the account of the Constitutional Officers Fund and the State Central Services Fund.
(b)(1)(A) The Treasurer of State may retain in the suspense account of any levying entity a portion of the levying entity's share of the local sales and use tax collected under this chapter.
(B) A balance retained in the suspense account shall not exceed five percent (5%) of the amount remitted to the levying entity.
(2) The Treasurer of State may make refunds from the suspense account of any levying entity:
(A) For overpayments made to the account after the refunds have been approved by the Secretary of the Department of Finance and Administration; and
(B) To redeem dishonored checks and drafts deposited to the credit of the suspense account of the levying entity.
(c)(1) When any city or county adopts a local sales and use tax and then abolishes the tax, the Treasurer of State shall retain in the suspense account of the levying entity for a period of one (1) year five percent (5%) of the final remittance to the levying entity at the time of termination of collection of the tax within the levying entity to cover possible refunds for overpayment of the tax and to redeem dishonored checks and drafts deposited to the credit of the account.
(2)(A) After one (1) year has elapsed after the effective date of abolishment of the local sales and use tax, the Treasurer of State shall:
(i) Remit the balance of the account to the levying entity; and
(ii) Close the account.
(B) A refund shall not be allowed after the one-year period under subdivision (c)(2)(A) of this section has lapsed and the account is closed.
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