Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2014
 

Transactions and Use Tax Annotations

802.0000 ADMINISTRATION

Annotation 802.0020

802.0020 Interest on Special Deposits. The Retail Sales Tax Fund (RSTF) is a sub-fund of the General Fund. Under the statutes, any revenues deposited in the RSTF not used for designated purposes are transferred to the General Fund. Section 7271 provides only that tax revenue which the Board collects on behalf of a district shall be transmitted to the district which levied the tax. There is no statutory basis for the Board to pay a district interest on such funds. Therefore, interest on moneys in the RSTF accrues only to the benefit of the General Fund. 3/26/97.