2010 Arkansas Code
Title 19 - Public Finance
Chapter 5 - Revenue Stabilization Law
Subchapter 9 - Trust Funds
§ 19-5-902 - Income Tax Protest Fund.

19-5-902. Income Tax Protest Fund.

(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a trust fund to be known as the "Income Tax Protest Fund".

(b) This fund shall consist of such moneys paid into the State Treasury by individuals and corporations for income tax liabilities that are paid under protest.

(c) (1) Upon certification as to the validity of such tax liability, either in whole or in part, by the court or the Chief Fiscal Officer of the State, the Treasurer of State shall transfer that part judged to be due the state to the General Revenue Fund Account of the State Apportionment Fund, there to be distributed as provided for general revenues.

(2) The Treasurer of State shall transfer that part of the protested tax liability as certified thereof as not being due the state to the appropriate income tax withholding fund, as established in 19-5-903 and 19-5-904, there to be refunded to the taxpayer.