Skip to main content
Find a Lawyer

Arkansas Code Title 27. Transportation § 27-115-110. Disposition of funds

Current as of March 28, 2024 | Updated by FindLaw Staff

(a) All revenues derived from the levying of the Arkansas Gross Receipts Tax, as amended, § 26-52-101 et seq., upon aircraft and aviation fuel, aviation services, aircraft parts and accessories, and other gross receipts taxes remitted by aircraft dealers, airports, and flying fields shall be reported to the Secretary of the Department of Finance and Administration in a manner and on forms as he or she shall direct.

(b) The Division of Aeronautics is authorized to accept donations and grants of all property, whether real or personal.

(c) Tax proceeds and grants and donations of money shall be special revenues and shall be deposited into the State Treasury to the credit of the Division of Aeronautics Fund to be used for constructing and improving airports, civil airways, and other air navigation facilities and for preserving the history of aviation in the state.

(d) The division shall administer the funds so deposited and shall use the funds for the sole purpose of building airports, civil airways, and other air navigation facilities in this state in those cities or towns as the division, in coordination with the Arkansas Economic Development Council, shall determine would attract the greatest volume of industry to this state.

(e) The funds may also be used for the purpose of:

(1) Matching funds with any federal funds made available for the purpose of this section;

(2)(A) Establishing or supporting aviation museums to preserve the history of aviation in the state.

(B) Assistance for the establishment or support of aviation museums shall not exceed a total of twenty thousand dollars ($20,000); or

(3) Distributing grants to qualifying applicants as determined by the Director of the Division of Aeronautics and the Aeronautics Commission for any purpose related to:

(A) The development of aeronautics;

(B) The promotion of aeronautics; or

(C) Aviation education.

(f)(1) All revenues derived from the levying of the compensating use tax under the Arkansas Compensating Tax Act of 1949, § 26-53-101 et seq., upon aircraft and aviation fuel, aviation services, and aircraft parts and accessories remitted by aircraft dealers, airports, and flying fields shall be reported to the Director of the Division of Aeronautics in a manner and on forms as he or she shall direct.

(2) All state use tax derived shall be special revenues and shall be deposited into the State Treasury to the credit of the fund to be used for the purposes set forth in this subsection.

Back to chapter list
Previous part of code Next part of code
Back to chapter list

Cite this article: FindLaw.com - Arkansas Code Title 27. Transportation § 27-115-110. Disposition of funds - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-27-transportation/ar-code-sect-27-115-110/

Read this complete Arkansas Code Title 27. Transportation § 27-115-110. Disposition of funds on Westlaw

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.

Was this helpful?

Search all Arkansas Codes

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About the Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to find an attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

    More Options
    Copied to clipboard