Section 40-23-108
Disposition of funds.
The licensing official shall, after the deduction of the fee as provided in Section 40-23-107, remit the revenue collected hereunder to the Department of Revenue for deposit as follows:
Of the total two cents ($.02) tax on each dollar of sale, 58% of the total tax generated shall be deposited to the credit of the Education Trust Fund; and 42% of the total tax generated shall be deposited to the credit of the State General Fund. Provided, however, of the total of those funds derived from the state sales and use taxes collected on motorboats, 50 percent shall be paid to the State General Fund and 50 percent to the Education Trust Fund.
(Acts 1981, No. 81-665, p. 1086, §9; Acts 1988, 1st Ex. Sess., No. 88-867, p. 265, §6; Acts 1994, No. 94-622, p. 1162, §8; Act 99-650, 2nd Sp. Sess., p. 96, §1.)