(a) There is hereby established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the "Identification Pending Trust Fund for Local Sales and Use Taxes".
(b) The fund shall consist of money reported as local sales and use taxes collected in local taxing jurisdictions that are not immediately identifiable and money collected in local jurisdictions that have no tax, and the money in the fund is to be used for transfers to the Local Sales and Use Tax Trust Fund when a local tax jurisdiction is identified for money and for transfers to general revenues when the total amount in this fund exceeds fifty thousand dollars ($50,000) as stated in §§ 26-74-221, 26-74-317, and 26-82-113, and shall also consist of vending devices sales taxes, § 26-57-1002(d)(2), and that portion of vending devices decal fees and penalties, §§ 26-57-1206 and 26-57-1208(b)(2), there to be distributed to cities and counties under §§ 26-74-221(a)(2)(C)(ii), 26-75-223(a)(2)(C)(ii), and 26-82-113(a)(2)(A)(ii).
Section: Previous 19-5-950 19-5-951 19-5-952 19-5-953 19-5-954 19-5-955 19-5-956 19-5-957 19-5-958 19-5-959 19-5-960 19-5-961 19-5-962 19-5-964 19-5-965 NextLast modified: November 15, 2016