(a) (1) It is declared to be the purpose of this subchapter to provide revenues for general governmental functions of the state and its counties and municipalities, in lieu of the state and local gross receipts or sales taxes or vending device sales taxes that would otherwise be due and owing from the person who is the operator of a vending device.
(2) For that purpose and to that end, it is expressly provided that the revenue derived by the Director of the Department of Finance and Administration from the sale of annual or special vending device decal fees, including penalties, shall be deposited by the director into the State Treasury and credited as provided in subsection (b) of this section.
(b) The vending device decal fees imposed by § 26-57-1206 or any proportionate amount of the vending device decal fees shall be divided as follows:
(1) Eighty percent (80%) of the fees collected under § 26-57-1206(a)(1)(B)-(E) and sixty percent (60%) of the fees collected under § 26-57-1206(a)(1)(A) shall be deposited to the credit of the General Revenue Fund Account of the State Apportionment Fund provided by § 19-5-202;
(2) Twenty percent (20%) of the fees collected under § 26-57-1206(a)(1)(B)-(E) and fifteen percent (15%) of the fees collected under § 26-57-1206(a)(1)(A) shall be deposited by the Treasurer of State into the Identification Pending Trust Fund for Local Sales and Use Taxes under § 26-74-221, § 26-75-223, and § 26-82-113, and all revenues deposited into that Identification Pending Trust Fund for Local Sales and Use Taxes shall be distributed to the cities and counties of this state under § 26-74-221(a)(2)(C)(ii), § 26-75-223(a)(2)(C)(ii), and § 26-82-113(a)(2)(A)(ii); and
(3) Twenty-five percent (25%) of the fees collected under § 26-57-1206(a)(1)(A) shall be special revenues deposited by the Treasurer of State to the credit of the Educational Adequacy Fund.
Section: Previous 26-57-1202 26-57-1203 26-57-1204 26-57-1205 26-57-1206 26-57-1207 26-57-1208 26-57-1209 26-57-1210 26-57-1211 26-57-1212 26-57-1213 26-57-1214 26-57-1215 NextLast modified: November 15, 2016