42-1117

42-1117. Tax refund account

A. A tax refund account is established in the state general fund. The director of
the department of administration shall draw all amounts necessary to make refunds under
this article from the tax refund account.

B. At any time during the fiscal year if it appears that the amount in the tax
refund account exceeds the amount required for refunds, the director shall transfer the
excess amount from the account to the state general fund. If the transfer reduces the
amount in the tax refund account below the amount required for refunds, the director of
the department of administration shall adjust the amount transferred for redeposit in the
tax refund account to pay such refunds. Any amount remaining in the tax refund account
on June 30 of each year exceeding five hundred thousand dollars shall be transferred from
the account to the state general fund.