§ 14-174-109 - Public corporation for economic development. - Arkansas Statutes

14-174-109. Public corporation for economic development.

(a) The sales and use taxes levied or authorized under this subchapter may be used for the sole use and benefit of a corporation organized under the Public Corporations for Economic Development Act, 14-175-101 et seq.

(b) On receipt from the Director of the Department of Finance and Administration of the net proceeds of the sales and use tax levied or authorized under this subchapter, the local government shall deliver all of the proceeds to the corporation to use in carrying out its functions.

(c) At an election called and held under 14-174-103, the local government may also allow the voters to vote on a ballot proposition that limits the length of time that a sales and use tax may be imposed.