State Codes and Statutes
Statutes > Arkansas > Title-24 > Chapter-11 > Subchapter-2 > 24-11-21524-11-215. Allocation of insurance premium tax -- Special provisions.
(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 and the Arkansas Fire and Police Pension Guarantee Fund 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).
(3) Funds shall be distributed by the Chief Fiscal Officer of the State to the Arkansas Fire and Police Pension Guarantee Fund upon the recommendation of the Arkansas Fire and Police Pension Review Board in an amount necessary to fund the priority categories defined by 24-11-209(e)(3)(A)-(D).
(4) Funds may be distributed by the Chief Fiscal Officer of the State to the Arkansas Fire and Police Pension Guarantee Fund upon the recommendation of the board for plans in the priority category defined by 24-11-209(e)(3)(E).
(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 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.
