54-5-1106 - Gross receipts royalty payment Nonconforming billboards.
54-5-1106. Gross receipts royalty payment Nonconforming billboards.
(a) There is levied a gross receipts royalty payment of six percent (6%) on the difference between the provider's gross revenues and the lease payments made to the state. The payments shall be made annually on January 31 of each year.
(b) (1) The proceeds from the gross receipts royalty payment shall be allocated and distributed to the highway fund; however, none of the proceeds shall be used for acquisition of outdoor advertising.
(2) No lease payments, royalty payments, or funds of any type received by the state pursuant to this part shall be used for the purchase of nonconforming billboards or used as payment for the taking or removal of nonconforming billboards.
[Acts 1988, ch. 696, § 13.]