CHAPTER 11. TAXATION.

§11-6-26. Operating fund for public utilities division in Auditor's Office.

The Auditor shall establish a special operating fund in the state Treasury for the public utilities division in his or her office. The Auditor shall pay into the fund one and three eighths percent of the gross receipts of all moneys collected as provided for in this article. Up to one percent of the gross receipts shall be transferred from the operating fund to the tax loss restoration fund created in section twenty-seven of this article. From the operating fund, the Auditor shall reimburse the Tax Division for the actual operating expenses incurred in the performance of its duties required by this article not to exceed fifty percent of the fund balance after annual transfers to the tax loss restoration fund. Any moneys remaining in the special operating fund after annual transfers to the tax loss restoration fund shall be used by the Tax Division and the Auditor for funding the operation of their offices. On July 31 in each fiscal year, if the balance in the operating fund exceeds one percent of gross revenues plus $50,000, the excess shall be withdrawn from the special fund and deposited in the General Fund of the state.

§11-6-26. Operating fund for public utilities division in Auditor's Office.

Bills Affecting §11-6-26

2003 Regular Session: SB655
2006 Regular Session: HB4601
2021 Regular Session: HB2838