42-6112. County excise tax for county judgment bonds

A. A county, by resolution that is dated on or before December 31, 2011 and that is approved by a unanimous vote of the board of supervisors, may levy and, if levied, the department shall collect a county excise tax on each person engaging or continuing in the county in a business taxed under chapter 5, article 1 of this title and under section 42-5352, subsection A. The tax authorized by this section is in addition to any tax authorized pursuant to section 42-6103.

B. The excise tax levied pursuant to this section shall be at a rate adopted by the board of supervisors in the resolution levying the tax, applied as a percentage of the tax rates prescribed on the date of the resolution by section 42-5010, subsection A on each class of business subject to the transaction privilege tax imposed by chapter 5, article 1 of this title and the jet fuel excise tax imposed by section 42-5352, subsection A, but not more than ten per cent through May 31, 2013 and thirty per cent thereafter.

C. Each month the state treasurer shall transmit the net revenues collected pursuant to this section to the treasurer of the county levying the tax for credit to the county's debt service fund established pursuant to section 11-681.03.

D. A tax levied pursuant to this section terminates when all debt service costs have been paid relating to county judgment bonds issued pursuant to title 11, chapter 4, article 5. Not more than thirty days before the final debt service payment is due, the board of supervisors shall notify the department by certified mail of the termination of the tax. Any surplus monies that are not encumbered for debt service purposes shall be used to reduce the county primary property tax levy in the following year.