(a) Revenues distributed to the State of Arkansas as general revenue are subject to the allocations in this section.
(b) (1) All taxes that are levied on insurers that are allocated to general revenues under § 24-11-213 may be allocated to the Fire Protection Premium Tax Fund, underfunded plans under § 24-11-217, and then to general revenues.
(2) (A) For the 1999-2000 state fiscal year, six hundred thousand dollars ($600,000) of the fire portion of funds transferred to general revenues under this section and § 24-11-213 shall be transferred to the Fire Protection Premium Tax Fund.
(B) In all subsequent years fifty percent (50%) of the percentage increase in the amount allocated to general revenues under this section and § 24-11-213, using the dollar amount allocated in fiscal year 1999-2000 as the baseline, shall be transferred to the Fire Protection Premium Tax Fund in addition to the six hundred thousand dollars ($600,000) per year until the time that a cap of two million dollars ($2,000,000) annually is transferred to the Fire Protection Premium Tax Fund.
(C) Thereafter, the annual transfer shall be set at two million dollars ($2,000,000).
(c) After transfers are made to cover funds distributed under subsection (b) of this section and the portion of those premium taxes set aside for transfer to the State Police Retirement Fund under § 24-6-209(b), the Director of the Department of Finance and Administration is directed to make annual transfers from the police portion of the revenues to the Policemen's Pension Supplement Program Fund on or before July 25, 1999, and each year thereafter as certified by the Arkansas Fire and Police Pension Review Board on July 1 each year as the amount needed to pay the expenses of and to make payments to the eligible retired police officers and survivors under the Arkansas Policemen's Pension Supplement Program for the coming year of the program.
(d) Fifty percent (50%) of the increase in the amount allocated to general revenues under § 24-11-213, using the dollar amount allocated in fiscal year 1999-2000 as the base amount, shall be transferred to the Future Supplement Fund-Police under § 24-11-212.
(e) The amounts under § 24-11-217 shall be reduced proportionately so that the remainder portion for general revenue does not fall below four million dollars ($4,000,000).
(f) (1) (A) The factor applied to groups allocated under § 24-11-214(l) is forty percent (40%).
(B) The factor applied to groups allocated under § 24-11-214(m) is thirty percent (30%).
(2) The factors under subdivision (f)(1) of this section may be reduced proportionately to meet the following criteria:
(A) The general revenue portion resulting from this subsection does not fall below four million dollars ($4,000,000); and
(B) If the amount resulting from the percentages under subdivision (f)(1) of this section and the amounts in subsections (b)-(d) of this section in total reduce the general revenue portion of the allocation below four million dollars ($4,000,000), the amounts resulting from the percentages take precedence.
Section: Previous 24-11-203 24-11-204 24-11-205 24-11-206 24-11-207 24-11-208 24-11-210 24-11-211 24-11-212 24-11-213 24-11-214 24-11-215 24-11-216 24-11-217 NextLast modified: November 15, 2016