Section 26-53-150 - Special tax rate for certain used motor vehicles, trailers, and semitrailers(a)(1) In lieu of the compensating use taxes levied under §§ 26-53-106 and 26-53-107, there is levied an excise tax for the privilege of storing, using, distributing, or consuming a used motor vehicle, trailer, or semitrailer within this state if the sales price of the used motor vehicle, trailer, or semitrailer is at least four thousand dollars ($4,000) but less than ten thousand dollars ($10,000).(2) The excise tax levied under subdivision (a)(1) of this section is levied at the rate of two and eight hundred seventy-five thousandths percent (2.875%) of the sales price of the used motor vehicle, trailer, or semitrailer.(b) The tax levied in this section shall be in addition to:(1) Any compensating use tax levied in the Arkansas Constitution;(2) Any compensating use tax levied by a municipality or county; and(3) Any additional compensating use tax levied in an Arkansas city under § 26-52-607.(c) For the purpose of determining whether the tax levied by this section applies to the sale of a used motor vehicle, trailer, or semitrailer, the sales price for the used motor vehicle, trailer, or semitrailer shall not be reduced by: (1) The value of a motor vehicle, trailer, or semitrailer traded in as part payment on the purchase price of the newly acquired motor vehicle, trailer, or semitrailer; or(2) The amount received by the purchaser for the sale of another motor vehicle, trailer, or semitrailer.(d) The revenues generated by the tax levied under this section shall be distributed as follows: (1) Seventy-six and six-tenths percent (76.6%) of the taxes, interest, penalties, and costs received by the Secretary of the Department of Finance and Administration under this section shall be deposited as general revenues;(2) Eight and five-tenths percent (8.5%) of the taxes, interest, penalties, and costs received by the secretary under this section shall be deposited into the Property Tax Relief Trust Fund; and(3) Fourteen and nine-tenths percent (14.9%) of the taxes, interest, penalties, and costs received by the secretary under this section shall be deposited into the Educational Adequacy Fund.(e) The excise tax levied under this section shall be collected and paid in the same manner and at the same time as is prescribed in § 26-53-126 for the collection and payment of compensating use taxes on motor vehicles, trailers, and semitrailers.Added by Act 2021, No. 1013,§ 8, eff. 1/1/2022.