State Codes and Statutes
Statutes > Rhode-island > Title-44 > Chapter-44-19 > 44-19-40SECTION 44-19-40
§ 44-19-40 Disposition of revenue. –(a) Notwithstanding any other provisions of law to the contrary, all moniesreceived by the tax administrator under the provisions of chapters 18 and 19 ofthis title will be paid over to the general treasurer; provided, that for thefiscal year commencing July 1, 2000, and until such time that the trustee forthe bonds of the Rhode Island Depositors Economic Protection Corporationnotifies the Corporation that all bonds and fees are paid in full or deemed tobe paid in full, six-tenths of one percent (0.6%) within the existing sales anduse tax rates established in §§ 44-18-18 and 44-18-20, exclusive ofany receipts resulting from any expansion of the coverage of the sales and usetaxes through legislation enacted subsequent to February 1, 1993, isappropriated to the Rhode Island Depositors Economic Protection Corporationspecial revenue fund within the Rhode Island Depositors Economic ProtectionCorporation established pursuant to § 42-116-31 for the purposes specifiedin chapter 116 of title 42. In clarification of the intent of the legislature,six-tenths of one percent (0.6%) within the existing sales and use tax ratesestablished in chapter 18 of this title exclusive of any receipts resultingfrom any expansion of the coverage of the sales and use taxes throughlegislation enacted subsequent to February 1, 1993, will be dedicated to thespecial revenue fund created by § 42-116-31 subject to the making of anannual appropriation by the general assembly of those sales and use taxreceipts. Provided, that the net taxes received and/or refunded through andincluding July 31, 2000, are deemed to be for the periods ending prior to July1, 2000, and net taxes received and/or refunded on or after August 1, 2000, aredeemed to be for periods ending on July 1, 2000, and thereafter. The statecontroller shall establish an escrow account within the general fund to beknown as the "depositor's protection account."
(b) The state controller is authorized and directed to drawhis or her orders upon the general treasurer for the transfer of the sum or theportion of the sum from the depositor's protection account to the specialrevenue fund. These transfers will be made at the end of each calendar month.
