§ 26-74-217 - Repeal upon levy of additional statewide gross receipts tax -- Exception. - Arkansas Statutes

26-74-217. Repeal upon levy of additional statewide gross receipts tax -- Exception.

(a) Subject to the provisions of subsection (b) of this section, if the General Assembly shall levy an additional statewide gross receipts tax of one percent (1%) or more, the quorum court of any county which has levied a sales tax or a sales and use tax pursuant to the authority granted in this subchapter or under the provisions of 26-74-301 et seq., may repeal that county sales tax or county sales and use tax by ordinance approved by the quorum court.

(b) In any county in which a local sales tax or sales and use tax has been adopted in the manner provided for in this subchapter and all or any portion pledged to secure the payment of lease rentals or bonds as authorized by this subchapter, that portion of the tax pledged to lease rentals or bonds shall not be repealed, abolished, or reduced so long as the lease is effective or any of the bonds are outstanding.