§ 14-164-703 - Payments in lieu of taxes. - Arkansas Statutes

14-164-703. Payments in lieu of taxes.

(a) In the event that a county or municipality and a lessee under a lease or a purchaser under a contract of sale enter into an agreement for payments in lieu of ad valorem taxes, each agreement shall provide, or by virtue of this subchapter shall be interpreted as providing, that all in-lieu-of-taxes payments shall be distributed to the local political subdivisions that would have received ad valorem tax payments on the industrial facilities if the interest involved had not been exempt from ad valorem taxes in the proportions that the millage levied by each affected local political subdivision bears to the millage levied by all affected political subdivisions, unless all such local political subdivisions, including the affected school district or districts, shall otherwise agree.

(b) Nothing in this section shall be construed as affecting in any manner the rights or obligations of any of the parties to any such agreements existing on the date of enactment of this subchapter providing for payments in lieu of ad valorem taxes.