Arkansas Code Title 26. Taxation § 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 Secretary 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 secretary into the State Treasury and credited as provided in subsection (b) of this section.

(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 under §§ 26-74-221, 26-75-223, and 26-82-113, and all revenues deposited into that Identification Pending Trust Fund for Local Sales and Use Taxes shall be distributed to the cities and counties of this state under § 26-74-221(a)(2)(C)(ii), § 26-75-223(a)(2)(C)(ii), and § 26-82-113(a)(2)(B); 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.