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Current as of March 28, 2024 | Updated by FindLaw Staff
(a)(1) There is levied a tax of two cents (2¢) per barrel of oil produced in this state.
(2) The taxes shall be reported and paid monthly to the Secretary of the Department of Finance and Administration by each producer of oil in such manner and upon such forms as the secretary shall prescribe.
(b)(1) There is levied a tax of ten cents (10¢) per one thousand (1,000) barrels on all brine produced in this state for the purpose of bromine extraction.
(2) The tax shall be reported and paid monthly to the secretary by each producer of brine and oil in such manner and upon such forms as the secretary may prescribe.
(c)(1) Funds collected by the secretary under this section are classified as cash fund receipts, and the full amount of the funds shall be deposited into one (1) or more accounts in one (1) or more banks in this state, which account or accounts shall be designated the “Arkansas Museum of Natural Resources Fund”.
(2) All funds in such accounts shall be used exclusively for the maintenance, operation, and construction of the Arkansas Museum of Natural Resources.
(d) The taxes levied by this section shall be in addition to any and all other fees and taxes levied on oil and brine produced in this state.
Cite this article: FindLaw.com - Arkansas Code Title 26. Taxation § 26-58-302. Further levy supporting fund - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-26-taxation/ar-code-sect-26-58-302/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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