AR SB17

Establishes a retail sales tax on motor fuel beginning August 1, 2016, calculated by multiplying the twelve-month average Gulf Coast retail price (April 2015-March 2016) by 1.388%, converted to a cent-per-gallon amount rounded to the nearest 0.1 cent, expiring June 30, 2020.

Establishes a retail sales tax on distillate special fuel beginning August 1, 2016, calculated by multiplying the twelve-month average Gulf Coast retail price (April 2015-March 2016) by 1.27%, converted to a cent-per-gallon amount rounded to the nearest 0.1 cent, expiring June 30, 2020.

Designates revenues from both fuel taxes as special revenues to be distributed under the Arkansas Highway Revenue Distribution Law for highway construction, reconstruction, and maintenance.

Directs the Director of the Department of Finance and Administration to annually determine fuel tax revenues collected and provide equal income tax refunds to all individual taxpayers who paid income tax in the previous tax year, distributing refunds by October 1.

Declares an emergency effective July 1, 2016, to coincide with the fiscal year beginning and prevent a 90-day delay in the act's effectiveness.