§ 26-57-610 - Disposition of taxes. - Arkansas Statutes

26-57-610. Disposition of taxes.

The Insurance Commissioner shall deposit all taxes collected under the provisions of 26-57-604 and 26-57-605 into the State Treasury, and on the last business day of each month the Treasurer of State shall classify such taxes as to the following types of revenues and credit the net amounts respectively of taxes collected under the provisions of 26-57-604 and 26-57-605 as indicated in this section:

(1) The taxes based on premiums collected as special revenues shall be distributed to the respective cities, incorporated towns, and fire protection districts in this state for credit to the respective firemen's relief and pension funds;

(2) Except as provided in subdivision (3) of this section, all other taxes collected under 26-57-604 and 26-57-605 shall be classified as general revenues, and the net amount of taxes collected under 26-57-604 and 26-57-605 shall be credited to the various State Treasury funds participating in general revenues in the respective proportions to each as provided by and to be used for the respective purposes set forth in the Revenue Stabilization Law, 19-5-101 et seq.; and

(3) Amounts collected under 26-57-604 and 26-57-605 above the forecasted level for insurance premium taxes set by the Chief Fiscal Officer of the State under 10-3-1404(a) shall be credited by the Treasurer of State to the Arkansas Medicaid Program Trust Fund and shall be disbursed and used for the sole purpose of increasing per diem reimbursement for general hospital inpatient services provided to Medicaid beneficiaries and to increase private duty nursing rates for registered nurses and licensed practical nurses in home health agencies in the following amounts: Click here to view image.