§1. Intent of amendment.
(b) The one-half percent sales and use tax under Arkansas Constitution, Amendment 91, shall be abolished when there are no bonds outstanding to which tax collections are pledged as provided in this amendment.
(c) Notwithstanding Arkansas Constitution, Amendment 91, §8, it is the intent of this amendment that the sales and use tax levied under Arkansas Constitution, Amendment 91, continue after the retirement of the bonds authorized in Arkansas Constitution, Amendment 91, to provide special revenue for use of maintaining, repairing, and improving the state’s system of highways, county roads, and city streets.
§2. Excise tax.
(2) The tax shall be collected, reported, and paid in the same manner and at the same time as is prescribed by law for the collection, reporting, and payment of all other Arkansas gross receipts taxes.
(2) The tax shall be collected, reported, and paid in the same manner and at the same time as is prescribed by law for the collection, reporting, and payment of Arkansas compensating taxes.
§3. Disposition of revenue.
(b) No revenue derived from the taxes levied under §2 of this amendment shall be used to secure bonds issued by the State Highway Commission.
§4. Effective date.
(b) If a written statement under Arkansas Constitution, Amendment 91, §8(b), has not been filed with the Chief Fiscal Officer of the State before June 1, 2023, the tax under §2 of this amendment shall not be levied and collected until the first day of the first calendar quarter beginning more than thirty (30) days after a written statement under Arkansas Constitution, Amendment 91, §8(b), is filed with the Chief Fiscal Officer of the State.
