(a) There is created 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 “Identification Pending Trust Fund for Local Sales and Use Taxes”.
(b) The Identification Pending Trust Fund for Local Sales and Use Taxes shall consist of:(1) Money reported as local sales and use taxes collected in local taxing jurisdictions that are not immediately identifiable;(2) Money collected in local jurisdictions that have no tax;(3) Vending device sales taxes as provided in § 26-57-1002(d)(2); and(4) That portion of vending devices decal fees and penalties as provided in §§ 26-57-1206 and 26-57-1208(b)(2).
(1) Money reported as local sales and use taxes collected in local taxing jurisdictions that are not immediately identifiable;
(2) Money collected in local jurisdictions that have no tax;
(3) Vending device sales taxes as provided in § 26-57-1002(d)(2); and
(4) That portion of vending devices decal fees and penalties as provided in §§ 26-57-1206 and 26-57-1208(b)(2).
(c) Money deposited into the Identification Pending Trust Fund for Local Sales and Use Taxes:(1) Under subdivisions (b)(1) and (2) of this section shall be used for transfers to the Local Sales and Use Tax Trust Fund when a local tax jurisdiction is identified for money and for transfers to general revenues when the total amount in the Identification Pending Trust Fund for Local Sales and Use Taxes exceeds fifty thousand dollars ($50,000) as provided in §§ 26-74-221, 26-74-317, and 26-82-113; and(2) Under subdivisions (b)(3) and (4) of this section shall be distributed to cities and counties under §§ 26-74-221(a)(2)(C)(ii), 26-75-223(a)(2)(C)(ii), and 26-82-113(a)(2)(A)(ii).
(1) Under subdivisions (b)(1) and (2) of this section shall be used for transfers to the Local Sales and Use Tax Trust Fund when a local tax jurisdiction is identified for money and for transfers to general revenues when the total amount in the Identification Pending Trust Fund for Local Sales and Use Taxes exceeds fifty thousand dollars ($50,000) as provided in §§ 26-74-221, 26-74-317, and 26-82-113; and
(2) Under subdivisions (b)(3) and (4) of this section shall be distributed to cities and counties under §§ 26-74-221(a)(2)(C)(ii), 26-75-223(a)(2)(C)(ii), and 26-82-113(a)(2)(A)(ii).