§ 26-58-301 - Levy for benefit of Oil Museum Fund. - Arkansas Statutes

26-58-301. Levy for benefit of Oil Museum Fund.

(a) (1) In addition to the severance tax on oil produced in the State of Arkansas and levied in 26-58-111(5) and (6), there is levied an additional tax of five (5) mills per barrel of oil produced in this state.

(2) All taxes, interest, and penalties collected by the Revenue Division of the Department of Finance and Administration under the provisions of this subsection shall be deposited into the State Treasury as special revenues, and the Treasurer of State after deducting therefrom the three percent (3%) provided by law for credit to the Constitutional Officer's Fund and the State Central Services Fund shall credit the net amount to the Oil Museum Fund to be used for the construction, maintenance, operation, and improvement of the Arkansas Museum of Natural Resources.

(b) (1) There is levied upon all brine produced in the state for the purpose of bromine extraction a tax of twenty cents (20cent(s)) per one thousand (1,000) barrels.

(2) The taxes levied in this subsection shall be reported and remitted monthly to the Director of the Department of Finance and Administration on such forms and in such manner as the director shall prescribe by regulations.

(3) All revenues collected by the director pursuant to the tax levied in this section shall be deposited into the State Treasury as special revenues, and the Treasurer of State after deducting therefrom the three percent (3%) provided by law for credit to the Constitutional Officer's Fund and the State Central Services Fund shall credit the net amount to the Oil Museum Fund to be used for the construction, maintenance, operation, and improvement of the Arkansas Museum of Natural Resources.