§ 26-51-915 - Deposits of payments -- Refunds. - Arkansas Statutes

26-51-915. Deposits of payments -- Refunds.

(a) All payments received by the director from employers for taxes withheld from employees and all payments received by the director from taxpayers as herein provided shall be deposited in the State Treasury as general revenues to the credit of the State Apportionment Fund.

(b) Based upon information provided by the Director of the Department of Finance and Administration, the Chief Fiscal Officer shall determine the amount estimated to be necessary to meet any refunds of state income taxes under the provisions of this subchapter, and, upon certification of the Chief Fiscal Officer of the State, the State Treasurer shall transfer from any general revenues in the General Revenue Allotment Reserve Fund the amount so certified to the Individual Income Tax Withholding Fund, from which the director is authorized to make refunds as provided for by law and by this subchapter.

(c) All refund warrants drawn against the Income Tax Withholding Fund which are not presented for payment within one (1) year of issuance shall be void.

(d) Neither the director nor any member or employee of the division shall be held personally liable for making any refund by reason of a fraudulent withholding certificate being used as a basis for the refund.