§ 26-57-1208 - Distribution of revenue. - Arkansas Statutes

26-57-1208. Distribution of revenue.

(a) (1) It is declared to be the purpose of this subchapter to provide revenues for general governmental functions of the state and its counties and municipalities, in lieu of the state and local gross receipts or sales taxes or vending device sales taxes that would otherwise be due and owing from the person who is the operator of a vending device.

(2) For that purpose and to that end, it is expressly provided that the revenue derived by the Director of the Department of Finance and Administration from the sale of annual or special vending device decal fees, including penalties, shall be deposited by the director into the State Treasury and credited as provided in subsection (b) of this section.

(b) The vending device decal fees imposed by 26-57-1206 or any proportionate amount of the vending device decal fees shall be divided as follows:

(1) Eighty percent (80%) of the fees collected under 26-57-1206(a)(1)(B)-(E) and sixty percent (60%) of the fees collected under 26-57-1206(a)(1)(A) shall be deposited to the credit of the General Revenue Fund Account of the State Apportionment Fund provided by 19-5-202;

(2) Twenty percent (20%) of the fees collected under 26-57-1206(a)(1)(B)-(E) and fifteen percent (15%) of the fees collected under 26-57-1206(a)(1)(A) shall be deposited by the Treasurer of State into the Identification Pending Trust Fund for Local Sales and Use Taxes in accordance with the provisions of 26-74-221 and 26-75-223, and all revenues deposited into that fund shall be distributed to the cities and counties of this state in accordance with the provisions of 26-74-221(a)(2)(C)(ii) and 26-75-223(a)(2)(C)(ii); and

(3) Twenty-five percent (25%) of the fees collected under 26-57-1206(a)(1)(A) shall be special revenues deposited by the Treasurer of State to the credit of the Educational Adequacy Fund.