§ 26-75-215 - Repeal of taxes upon levy of additional statewide gross receipts tax -- Exception. - Arkansas Statutes

26-75-215. Repeal of taxes 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 governing body of any city which has levied a city sales and use tax pursuant to the authority granted in this subchapter, or under the provisions of 26-75-301 et seq., 26-75-501 et seq., or 26-75-601 et seq., by ordinance approved by the governing body may repeal such city sales tax or city sales and use tax.

(b) In any city in which a local 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as authorized by this subchapter, that portion of the tax pledged to the payment of lease rentals or bonds shall not be repealed, abolished, or reduced so long as the lease is in effect or any of the bonds are outstanding.