§ 19-5-957 - Identification Pending Trust Fund for Local Sales and Use Taxes. - Arkansas Statutes

19-5-957. Identification Pending Trust Fund for Local Sales and Use Taxes.

(a) There is hereby established 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 Identification Pending Trust Fund for Local Sales and Use Taxes.

(b) Such fund shall consist of money reported as local sales and use taxes collected in local taxing jurisdictions which are not immediately identifiable and money collected in local jurisdictions that have no tax, there to be used for transfers to the Local Sales and Use Tax Trust Fund when a local tax jurisdiction is identified for money and for transfers to general revenues when the total amount in this fund exceeds fifty thousand dollars ($50,000) as set out in 26-74-221 and 26-74-317, and shall also consist of vending devices sales taxes, 26-57-1002(d)(2) and that portion of vending devices decal fees and penalties, 26-57-1206 and 26-57-1208(b)(2), there to be distributed to cities and counties as provided in 26-74-221(a)(2)(C)(ii) and 26-75-223(a)(2)(C)(ii).