Audit and records

(a)(1) Each political subdivision shall submit a report with remittance of the surcharge to the Department of Finance and Administration on the fifteenth day of the month following collection of the surcharge.

(2) The report shall detail:

(A) The total dollar amount of nonresidential construction permits issued by the political subdivision for the month;

(B) The total dollar amount of surcharge remitted to the department for the month;

(C) The total dollar amount retained by the political subdivision for administrative cost; and

(D) Any other information requested by the department related to the collection of the surcharge.

(b) The department shall audit and administer the surcharge in accordance with the Arkansas Tax Procedure Act, Arkansas Code § 26-18-101 et seq.

(c) Each political subdivision of the state is required to maintain records relating to the issuance of nonresidential construction permits and the collection of the surcharge from such issuance in accordance with the recordkeeping requirements of the Arkansas Tax Procedure Act.