§ 19-6-468 — Fire Protection Premium Tax Fund

Arkansas § 19-6-468

• Jurisdiction: Arkansas
• Title: 19

Text

(a) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a special revenue fund to be known as the "Fire Protection Premium Tax Fund", which shall consist of those special revenues as specified in § 19-6-301 (164), there to be used for fire protection services as set out in § 26-57-614 and § 14-284-401 et seq. (b) (1) The Insurance Commissioner shall immediately deposit all moneys collected under § 26-57-614 and § 14-284-401 et seq. into the Revenue Holding Fund Account as provided in § 19-5-204 . On the last business day of each quarter, the Chief Fiscal Officer of the State shall determine the amount of net special revenues to be transferred to the Fire Protection Premium Tax Fund by the Treasurer of State. (2) By the last business day of the quarter after July 1, 2023, and by the last business day of each following quarter, the Chief Fiscal Officer of the State shall: (A) Determine the amount of collections deposited into the Fire Protection Premium Tax Fund during the current quarter and the amount of collections deposited into the Fire Protection Premium Tax Fund during the same quarter of the immediately preceding year; (B) Certify the amount by which the collections deposited into the Fire Protection Premium Tax Fund for the current quarter exceed the amount of collections deposited into the Fire Protection Premium Tax Fund during the same quarter of the immediately preceding year; and (C) Transfer fifty percent (50%) of the amount certified under subdivision (b)(2)(B) of this section to the Fire Services Fund. (3) The Chief Fiscal Officer of the State shall be the disbursing officer for the Fire Protection Premium Tax Fund, and shall distribute the moneys as provided in § 26-57-614 and § 14-284-401 et seq. (c) The Insurance Commissioner shall disburse any refunds which may be due insurance carriers from the Miscellaneous Revolving Fund after certifying to the Chief Fiscal Officer of the State the amount to be refunded. The Chief Fiscal Officer of the State shall direct that the certified amount be transferred from the Revenue Holding Fund Account to the Miscellaneous Revolving Fund as provided in § 19-5-106(a)(3) . (d) Beginning January 1, 2024, any funds that remain unclaimed in the Fire Protection Premium Tax Fund for over two (2) of the immediately prior calendar years shall be transferred to a cash fund and deposited into the State Treasury as determined by the Chief Fiscal Officer of the State to be used exclusively by the Arkansas Fire Protection Services Board for Fire Protection Services grants.

Legislative History

Amended by Act 2023, No. 841,§ 26, eff. 7/1/2023. Acts 1993, No. 1072, § 11.