42-1116. Disposition of tax revenues

353 words·~2 min read·/az/title-42/42-1116

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. The department of revenue shall promptly deposit, pursuant to sections 35-146 and 35-147, all monies it collects from the taxes administered pursuant to this article except the telecommunication services excise tax, separately accounting for each type of tax and each tax classification within each type of tax. At the same time the department of revenue shall also furnish copies of the transmittal schedules to the director of the department of administration.

B. Except as provided by subsections C and D of this section, the department shall deposit all monies and remittances received under this section to the credit of the following specific funds and accounts:

1. Amounts sufficient to meet the requirements for tax refunds to the tax refund account established by section 42-1117.

2. Amounts sufficient to meet the requirements of urban revenue sharing to the urban revenue sharing fund established by section 43-206.

3. Amounts collected pursuant to chapter 5, articles 1 and 5 of this title to the transaction privilege and severance tax clearing account established by section 42-5029.

4. Amounts sufficient to meet the requirements of section 42-3104 to the corrections fund.

5. Amounts sufficient to meet the requirements of section 49-282, subsection B relating to the water quality assurance revolving fund.

6. All remaining monies to the state general fund.

C. From the monies and remittances received under this section, each month beginning July 2001 the state treasurer shall transmit to the tourism and sports authority, established by title 5, chapter 8, for deposit in its facility revenue clearing account established by section 5-834 one-twelfth of the amount reported by the department pursuant to section 43-209, subsection C.

D. Subject to section 48-4238, from the monies and remittances received under this section, each year beginning January 1, 2026 through December 31, 2056, the state treasurer, on instruction from the department, shall transmit eighty-two percent of the amount reported by the department pursuant to section 43-209, subsection D for the prior taxable year to the county stadium district established pursuant to title 48, chapter 26 for deposit in the county stadium district fund established pursuant to section 48-4231.