AR SB351

Amends Arkansas Code § 26-37-205(a) to add a fourth priority distribution from tax delinquent land sales proceeds to the Department of Finance and Administration for delinquent taxes, penalties, and interest where certificates of indebtedness have been filed against the property owner.

Establishes that the Department of Finance and Administration amount shall be held in escrow and remitted within one calendar year of the Commissioner of State Lands receiving the sale proceeds.

Requires the Commissioner of State Lands to promulgate rules and forms to administer the new Department of Finance and Administration distribution process.

Provides that if refunds of withheld taxes must be made to purchasers, the Commissioner of State Lands shall recover the refund amount from the Department of Finance and Administration from originally received proceeds.

Redesignates the remainder distribution (previously fourth priority) as the fifth priority distribution to be placed in escrow administered by the Commissioner of State Lands.