Agriculture and timber economic development; issue bonds and establish program for.

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To: Ways and Means
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026

By: Representatives Lamar, Arnold

HOUSE BILL NO. 4040

AN ACT TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION 1
BONDS TO PROVIDE FUNDS FOR THE MISSISSIPPI AGRICULTURE AND TIMBER 2
ECONOMIC DEVELOPMENT FUND CREATED IN THIS ACT; TO REQUIRE THE 3
MISSISSIPPI DEVELOPMENT AUTHORITY TO ESTABLISH A PROGRAM TO 4
RECRUIT AGRICULTURE AND TIMBER RELATED ECONOMIC DEVELOPMENT TO 5
MISSISSIPPI THAT WILL PROVIDE NEW MARKETS AND ADDITIONAL AND 6
INCREASED ACCESS TO EXISTING MARKETS FOR THE SALE OF MISSISSIPPI'S 7
AGRICULTURE AND TIMBER COMMODITIES; TO CREATE THE "MISSISSIPPI 8
AGRICULTURE AND TIMBER ECONOMIC DEVELOPMENT FUND" AS A SPECIAL 9
FUND IN THE STATE TREASURY TO BE ADMINISTERED BY THE MISSISSIPPI 10
DEVELOPMENT AUTHORITY; TO PROVIDE THAT MONIES IN THE SPECIAL FUND 11
SHALL BE USED BY THE MISSISSIPPI DEVELOPMENT AUTHORITY, UPON 12
APPROPRIATION BY THE LEGISLATURE, FOR THE PURPOSES PROVIDED IN 13
THIS ACT; TO AMEND SECTION 27-65-75, MISSISSIPPI CODE OF 1972, TO 14
PROVIDE THAT A PORTION OF THE STATE SALES TAX REVENUE COLLECTED 15
FROM THE RETAIL SALES OF FARM TRACTORS AND PARTS AND LABOR USED TO 16
MAINTAIN AND/OR REPAIR SUCH TRACTORS, AND FARM IMPLEMENTS TAXED AT 17
THE RATE OF 1.5% UNDER SECTION 27-65-17, SHALL BE DEPOSITED INTO 18
THE MISSISSIPPI AGRICULTURE AND TIMBER ECONOMIC DEVELOPMENT FUND 19
CREATED IN THIS ACT; AND FOR RELATED PURPOSES. 20
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 21
SECTION 1. (1) As used in this section, the following words 22
shall have the meanings ascribed herein unless the context clearly 23
requires otherwise: 24
(a) "Accreted value" of any bonds means, as of any date 25
of computation, an amount equal to the sum of (i) the stated 26
initial value of such bond, plus (ii) the interest accrued thereon 27
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from the issue date to the date of computation at the rate, 28
compounded semiannually, that is necessary to produce the 29
approximate yield to maturity shown for bonds of the same 30
maturity. 31
(b) "State" means the State of Mississippi. 32
(c) "Commission" means the State Bond Commission. 33
(2) (a) The commission, at one time, or from time to time, 34
may declare by resolution the necessity for issuance of general 35
obligation bonds of the State of Mississippi to provide funds for 36
the Mississippi Agriculture and Timber Economic Development Fund 37
created in Section 2 of this act. Upon the adoption of a 38
resolution by the Mississippi Development Authority declaring the 39
necessity for the issuance of any part or all of the general 40
obligation bonds authorized by this subsection, the Mississippi 41
Development Authority shall deliver a certified copy of its 42
resolution or resolutions to the commission. Upon receipt of such 43
resolution, the commission, in its discretion, may act as the 44
issuing agent, prescribe the form of the bonds, determine the 45
appropriate method for sale of the bonds, advertise for and accept 46
bids or negotiate the sale of the bonds, issue and sell the bonds 47
so authorized to be sold, and do any and all other things 48
necessary and advisable in connection with the issuance and sale 49
of such bonds. The total amount of bonds issued under this 50
section shall not exceed Five Million Dollars ($5,000,000.00). No 51
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bonds authorized under this section shall be issued after July 1, 52
2030. 53
(b) The proceeds of bonds issued pursuant to this 54
section shall be deposited into the Mississippi Agriculture and 55
Timber Economic Development Fund created pursuant to Section 2 of 56
this act. Any investment earnings on bonds issued pursuant to 57
this section shall be used to pay debt service on bonds issued 58
under this section, in accordance with the proceedings authorizing 59
issuance of such bonds. 60
(3) The principal of and interest on the bonds authorized 61
under this section shall be payable in the manner provided in this 62
subsection. Such bonds shall bear such date or dates, be in such 63
denomination or denominations, bear interest at such rate or rates 64
(not to exceed the limits set forth in Section 75-17-101, 65
Mississippi Code of 1972), be payable at such place or places 66
within or without the State of Mississippi, shall mature 67
absolutely at such time or times not to exceed twenty-five (25) 68
years from date of issue, be redeemable before maturity at such 69
time or times and upon such terms, with or without premium, shall 70
bear such registration privileges, and shall be substantially in 71
such form, all as shall be determined by resolution of the 72
commission. 73
(4) The bonds authorized by this section shall be signed by 74
the chairman of the commission, or by his facsimile signature, and 75
the official seal of the commission shall be affixed thereto, 76
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attested by the secretary of the commission. The interest 77
coupons, if any, to be attached to such bonds may be executed by 78
the facsimile signatures of such officers. Whenever any such 79
bonds shall have been signed by the officials designated to sign 80
the bonds who were in office at the time of such signing but who 81
may have ceased to be such officers before the sale and delivery 82
of such bonds, or who may not have been in office on the date such 83
bonds may bear, the signatures of such officers upon such bonds 84
and coupons shall nevertheless be valid and sufficient for all 85
purposes and have the same effect as if the person so officially 86
signing such bonds had remained in office until their delivery to 87
the purchaser, or had been in office on the date such bonds may 88
bear. However, notwithstanding anything herein to the contrary, 89
such bonds may be issued as provided in the Registered Bond Act of 90
the State of Mississippi. 91
(5) All bonds and interest coupons issued under the 92
provisions of this section have all the qualities and incidents of 93
negotiable instruments under the provisions of the Uniform 94
Commercial Code, and in exercising the powers granted by this 95
section, the commission shall not be required to and need not 96
comply with the provisions of the Uniform Commercial Code. 97
(6) The commission shall act as the issuing agent for the 98
bonds authorized under this section, prescribe the form of the 99
bonds, determine the appropriate method for sale of the bonds, 100
advertise for and accept bids or negotiate the sale of the bonds, 101
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issue and sell the bonds so authorized to be sold, pay all fees 102
and costs incurred in such issuance and sale, and do any and all 103
other things necessary and advisable in connection with the 104
issuance and sale of such bonds. The commission is authorized and 105
empowered to pay the costs that are incident to the sale, issuance 106
and delivery of the bonds authorized under this section from the 107
proceeds derived from the sale of such bonds. The commission 108
shall sell such bonds on sealed bids at public sale or may 109
negotiate the sale of the bonds for such price as it may determine 110
to be for the best interest of the State of Mississippi. All 111
interest accruing on such bonds so issued shall be payable 112
semiannually or annually. 113
If the bonds are to be sold on sealed bids at public sale, 114
notice of the sale of any such bonds shall be published at least 115
one time, not less than ten (10) days before the date of sale, and 116
shall be so published in one or more newspapers published or 117
having a general circulation in the City of Jackson, Mississippi, 118
selected by the commission. 119
The commission, when issuing any bonds under the authority of 120
this section, may provide that bonds, at the option of the State 121
of Mississippi, may be called in for payment and redemption at the 122
call price named therein and accrued interest on such date or 123
dates named therein. 124
(7) The bonds issued under the provisions of this section 125
are general obligations of the State of Mississippi, and for the 126
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payment thereof the full faith and credit of the State of 127
Mississippi is irrevocably pledged. If the funds appropriated by 128
the Legislature are insufficient to pay the principal of and the 129
interest on such bonds as they become due, then the deficiency 130
shall be paid by the State Treasurer from any funds in the State 131
Treasury not otherwise appropriated. All such bonds shall contain 132
recitals on their faces substantially covering the provisions of 133
this subsection. 134
(8) Upon the issuance and sale of bonds under the provisions 135
of this section, the commission shall transfer the proceeds of any 136
such sale or sales to the Mississippi Agriculture and Timber 137
Economic Development Fund created in Section 2 of this act. The 138
proceeds of such bonds shall be disbursed as provided in such 139
section under such restrictions, if any, as may be contained in 140
the resolution providing for the issuance of the bonds. 141
(9) The bonds authorized under this section may be issued 142
without any other proceedings or the happening of any other 143
conditions or things other than those proceedings, conditions and 144
things which are specified or required by this section. Any 145
resolution providing for the issuance of bonds under the 146
provisions of this section shall become effective immediately upon 147
its adoption by the commission, and any such resolution may be 148
adopted at any regular or special meeting of the commission by a 149
majority of its members. 150
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(10) The bonds authorized under the authority of this 151
section may be validated in the Chancery Court of the First 152
Judicial District of Hinds County, Mississippi, in the manner and 153
with the force and effect provided by Chapter 13, Title 31, 154
Mississippi Code of 1972, for the validation of county, municipal, 155
school district and other bonds. The notice to taxpayers required 156
by such statutes shall be published in a newspaper published or 157
having a general circulation in the City of Jackson, Mississippi. 158
(11) Any holder of bonds issued under the provisions of this 159
section or of any of the interest coupons pertaining thereto may, 160
either at law or in equity, by suit, action, mandamus or other 161
proceeding, protect and enforce any and all rights granted under 162
this section, or under such resolution, and may enforce and compel 163
performance of all duties required by this section to be 164
performed, in order to provide for the payment of bonds and 165
interest thereon. 166
(12) All bonds issued under the provisions of this section 167
shall be legal investments for trustees and other fiduciaries, and 168
for savings banks, trust companies and insurance companies 169
organized under the laws of the State of Mississippi, and such 170
bonds shall be legal securities which may be deposited with and 171
shall be received by all public officers and bodies of this state 172
and all municipalities and political subdivisions for the purpose 173
of securing the deposit of public funds. 174
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(13) Bonds issued under the provisions of this section and 175
income therefrom shall be exempt from all taxation in the State of 176
Mississippi. 177
(14) The proceeds of the bonds issued under this section 178
shall be used solely for the purposes therein provided, including 179
the costs incident to the issuance and sale of such bonds. 180
(15) The State Treasurer is authorized, without further 181
process of law, to certify to the Department of Finance and 182
Administration the necessity for warrants, and the Department of 183
Finance and Administration is authorized and directed to issue 184
such warrants, in such amounts as may be necessary to pay when due 185
the principal of, premium, if any, and interest on, or the 186
accreted value of, all bonds issued under this section; and the 187
State Treasurer shall forward the necessary amount to the 188
designated place or places of payment of such bonds in ample time 189
to discharge such bonds, or the interest thereon, on the due dates 190
thereof. 191
(16) This section shall be deemed to be full and complete 192
authority for the exercise of the powers therein granted, but this 193
section shall not be deemed to repeal or to be in derogation of 194
any existing law of this state. 195
SECTION 2. (1) (a) The Mississippi Development Authority 196
shall establish a program designed to recruit agriculture and 197
timber related economic development projects to Mississippi for 198
the purpose of providing new markets and additional and increased 199
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access to existing markets for the sale of agriculture and timber 200
commodities grown, harvested and/or processed in the State of 201
Mississippi. 202
(2) There is created in the State Treasury a special fund to 203
be designated as the "Mississippi Agriculture and Timber Economic 204
Development Fund", which shall consist of funds deposited therein 205
under Section 27-65-75(25) and funds from any other source 206
designated for deposit into such fund. Unexpended amounts 207
remaining in the fund at the end of a fiscal year shall not lapse 208
into the State General Fund, and any investment earnings or 209
interest earned on amounts in the fund shall be deposited to the 210
credit of the fund. Monies in the fund shall be used by the 211
Mississippi Development Authority, upon appropriation by the 212
Legislature, for the purposes provided in this section. 213
(3) The Mississippi Development Authority shall have all 214
powers necessary to implement and administer the program 215
established under this section, and the Mississippi Development 216
Authority shall promulgate rules and regulations, in accordance 217
with the Mississippi Administrative Procedures Law, necessary for 218
the implementation of this section. 219
(4) The Mississippi Development Authority shall file an 220
annual report with the Governor, the Secretary of the Senate and 221
the Clerk of the House of Representatives not later than December 222
1 of each year, describing the economic impact of the program 223
established under subsection (1) of this section. The report must 224
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include a detailed description of all assistance provided and 225
expenditures made under the program, along with any other 226
information determined by the Mississippi Development Authority to 227
be relevant to the program. 228
SECTION 3. Section 27-65-75, Mississippi Code of 1972, is 229
amended as follows: 230
27-65-75. On or before the fifteenth day of each month, the 231
revenue collected under the provisions of this chapter during the 232
preceding month shall be paid and distributed as follows: 233
(1) (a) On or before August 15, 1992, and each succeeding 234
month thereafter through July 15, 1993, eighteen percent (18%) of 235
the total sales tax revenue collected during the preceding month 236
under the provisions of this chapter, except that collected under 237
the provisions of Sections 27-65-15, 27-65-19(3) and 27-65-21, on 238
business activities within a municipal corporation shall be 239
allocated for distribution to the municipality and paid to the 240
municipal corporation. Except as otherwise provided in this 241
paragraph (a), on or before August 15, 1993, and each succeeding 242
month thereafter through August 15, 2025, eighteen and one-half 243
percent (18-1/2%) of the total sales tax revenue collected during 244
the preceding month under the provisions of this chapter, except 245
that collected under the provisions of Sections 27-65-15, 246
27-65-19(3), 27-65-21 and 27-65-24, on business activities within 247
a municipal corporation shall be allocated for distribution to the 248
municipality and paid to the municipal corporation. Except as 249
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otherwise provided in this paragraph (a), on or before September 250
15, 2025, and each succeeding month thereafter, eighteen and 251
one-half percent (18.5%) of the total sales tax revenue collected 252
during the preceding month under this chapter, except that 253
collected under Sections 27-65-15, 27-65-17(1)(n), 27-65-19(3), 254
27-65-21 and 27-65-24, on business activities within a municipal 255
corporation shall be allocated for distribution and paid to the 256
municipal corporation. On or before September 15, 2025, and each 257
succeeding month thereafter, twenty-five and nine-tenths percent 258
(25.9%) of the total sales tax revenue collected during the 259
preceding month under Section 27-65-17(1)(n) on business 260
activities within a municipal corporation shall be allocated for 261
distribution and paid to the municipal corporation. However, in 262
the event the State Auditor issues a certificate of noncompliance 263
pursuant to Section 21-35-31, the department shall withhold ten 264
percent (10%) of the allocations and payments to the municipality 265
that would otherwise be payable to the municipality under this 266
paragraph (a) until such time that the department receives written 267
notice of the cancellation of a certificate of noncompliance from 268
the State Auditor. 269
A municipal corporation, for the purpose of distributing the 270
tax under this subsection, shall mean and include all incorporated 271
cities, towns and villages. 272
Monies allocated for distribution and credited to a municipal 273
corporation under this paragraph may be pledged as security for a 274
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loan if the distribution received by the municipal corporation is 275
otherwise authorized or required by law to be pledged as security 276
for such a loan. 277
In any county having a county seat that is not an 278
incorporated municipality, the distribution provided under this 279
subsection shall be made as though the county seat was an 280
incorporated municipality; however, the distribution to the 281
municipality shall be paid to the county treasury in which the 282
municipality is located, and those funds shall be used for road, 283
bridge and street construction or maintenance in the county. 284
(b) On or before August 15, 2006, and each succeeding 285
month thereafter through August 15, 2025, eighteen and one-half 286
percent (18-1/2%) of the total sales tax revenue collected during 287
the preceding month under the provisions of this chapter, except 288
that collected under the provisions of Sections 27-65-15, 289
27-65-19(3) and 27-65-21, on business activities on the campus of 290
a state institution of higher learning or community or junior 291
college whose campus is not located within the corporate limits of 292
a municipality, shall be allocated for distribution to the state 293
institution of higher learning or community or junior college and 294
paid to the state institution of higher learning or community or 295
junior college. On or before September 15, 2025, and each 296
succeeding month thereafter, eighteen and one-half percent (18.5%) 297
of the total sales tax revenue collected during the preceding 298
month under this chapter, except that collected under Sections 299
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27-65-15, 27-65-17(1)(n), 27-65-19(3) and 27-65-21, on business 300
activities on the campus of a state institution of higher learning 301
or community or junior college whose campus is not located within 302
the corporate limits of a municipality, shall be allocated for 303
distribution and paid to the state institution of higher learning 304
or community or junior college. On or before September 15, 2025, 305
and each succeeding month thereafter, twenty-five and nine-tenths 306
percent (25.9%) of the total sales tax revenue collected during 307
the preceding month under Section 27-65-17(1)(n) on business 308
activities on the campus of a state institution of higher learning 309
or community or junior college whose campus is not located within 310
the corporate limits of a municipality, shall be allocated for 311
distribution and paid to the state institution of higher learning 312
or community or junior college. 313
(c) On or before August 15, 2018, and each succeeding 314
month thereafter until August 14, 2019, two percent (2%) of the 315
total sales tax revenue collected during the preceding month under 316
the provisions of this chapter, except that collected under the 317
provisions of Sections 27-65-15, 27-65-19(3), 27-65-21 and 318
27-65-24, on business activities within the corporate limits of 319
the City of Jackson, Mississippi, shall be deposited into the 320
Capitol Complex Improvement District Project Fund created in 321
Section 29-5-215. On or before August 15, 2019, and each 322
succeeding month thereafter until August 14, 2020, four percent 323
(4%) of the total sales tax revenue collected during the preceding 324
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month under the provisions of this chapter, except that collected 325
under the provisions of Sections 27-65-15, 27-65-19(3), 27-65-21 326
and 27-65-24, on business activities within the corporate limits 327
of the City of Jackson, Mississippi, shall be deposited into the 328
Capitol Complex Improvement District Project Fund created in 329
Section 29-5-215. On or before August 15, 2020, and each 330
succeeding month thereafter through July 15, 2023, six percent 331
(6%) of the total sales tax revenue collected during the preceding 332
month under the provisions of this chapter, except that collected 333
under the provisions of Sections 27-65-15, 27-65-19(3), 27-65-21 334
and 27-65-24, on business activities within the corporate limits 335
of the City of Jackson, Mississippi, shall be deposited into the 336
Capitol Complex Improvement District Project Fund created in 337
Section 29-5-215. On or before August 15, 2023, and each 338
succeeding month thereafter through August 15, 2025, nine percent 339
(9%) of the total sales tax revenue collected during the preceding 340
month under the provisions of this chapter, except that collected 341
under the provisions of Sections 27-65-15, 27-65-19(3), 27-65-21 342
and 27-65-24, on business activities within the corporate limits 343
of the City of Jackson, Mississippi, shall be deposited into the 344
Capitol Complex Improvement District Project Fund created in 345
Section 29-5-215. On or before September 15, 2025, and each 346
succeeding month thereafter, nine percent (9%) of the total sales 347
tax revenue collected during the preceding month under this 348
chapter, except that collected under Sections 27-65-15, 349
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27-65-17(1)(n), 27-65-19(3), 27-65-21 and 27-65-24, on business 350
activities within the corporate limits of the City of Jackson, 351
Mississippi, shall be deposited into the Capitol Complex 352
Improvement District Project Fund created in Section 27-5-215. On 353
or before September 15, 2025, and each succeeding month 354
thereafter, twelve and six-tenths percent (12.6%) of the total 355
sales tax revenue collected during the preceding month under 356
Section 27-65-17(1)(n) on business activities within the corporate 357
limits of the City of Jackson, Mississippi, shall be deposited 358
into the Capitol Complex Improvement District Project Fund created 359
in Section 27-5-215. 360
(d) (i) Except as otherwise provided in this paragraph 361
(d), on or before the fifteenth day of the month that the 362
diversion authorized by this section begins, and each succeeding 363
month thereafter, eighteen and one-half percent (18-1/2%) of the 364
total sales tax revenue collected during the preceding month under 365
the provisions of this chapter, except that collected under the 366
provisions of Sections 27-65-15, 27-65-19(3) and 27-65-21, on 367
business activities within a redevelopment project area developed 368
under a redevelopment plan adopted under the Tax Increment 369
Financing Act (Section 21-45-1 et seq.) shall be allocated for 370
distribution to the county in which the project area is located 371
if: 372
1. The county: 373
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a. Borders on the Mississippi Sound and 374
the State of Alabama, or 375
b. Is Harrison County, Mississippi, and 376
the project area is within a radius of two (2) miles from the 377
intersection of Interstate 10 and Menge Avenue; 378
2. The county has issued bonds under Section 379
21-45-9 to finance all or a portion of a redevelopment project in 380
the redevelopment project area; 381
3. Any debt service for the indebtedness 382
incurred is outstanding; and 383
4. A development with a value of Ten Million 384
Dollars ($10,000,000.00) or more is, or will be, located in the 385
redevelopment area. 386
(ii) For a county that is eligible to receive 387
funds under this paragraph (d), as determined by the department 388
under this paragraph (d), from and after September 15, 2025, and 389
each succeeding month thereafter, eighteen and one-half percent 390
(18.5%) of the total sales tax revenue collected during the 391
preceding month under this chapter, except that collected under 392
Sections 27-65-15, 27-65-17(1)(n), 27-65-19(3) and 27-65-21, on 393
business activities within a redevelopment project area developed 394
under a redevelopment plan adopted under the Tax Increment 395
Financing Act (Section 21-45-1 et seq.) shall be allocated for 396
distribution to the county in which the project is located, and 397
twenty-five and nine-tenths percent (25.9%) of the total sales tax 398
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revenue collected during the preceding month under Section 399
27-65-17(1)(n) shall be allocated for distribution to that county. 400
(iii) Before any sales tax revenue may be 401
allocated for distribution to a county under this paragraph (d), 402
the county shall certify to the Department of Revenue that the 403
requirements of this paragraph (d) have been met, the amount of 404
bonded indebtedness that has been incurred by the county for the 405
redevelopment project and the expected date the indebtedness 406
incurred by the county will be satisfied. 407
(iv) The diversion of sales tax revenue authorized 408
by this paragraph (d) shall begin the month following the month in 409
which the Department of Revenue determines that the requirements 410
of this paragraph (d) have been met. The diversion shall end the 411
month the indebtedness incurred by the county is satisfied. All 412
revenue received by the county under this paragraph (d) shall be 413
deposited in the fund required to be created in the tax increment 414
financing plan under Section 21-45-11 and be utilized solely to 415
satisfy the indebtedness incurred by the county. 416
(2) On or before September 15, 1987, and each succeeding 417
month thereafter, from the revenue collected under this chapter 418
during the preceding month, One Million One Hundred Twenty-five 419
Thousand Dollars ($1,125,000.00) shall be allocated for 420
distribution to municipal corporations as defined under subsection 421
(1) of this section in the proportion that the number of gallons 422
of gasoline and diesel fuel sold by distributors to consumers and 423
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retailers in each such municipality during the preceding fiscal 424
year bears to the total gallons of gasoline and diesel fuel sold 425
by distributors to consumers and retailers in municipalities 426
statewide during the preceding fiscal year. The Department of 427
Revenue shall require all distributors of gasoline and diesel fuel 428
to report to the department monthly the total number of gallons of 429
gasoline and diesel fuel sold by them to consumers and retailers 430
in each municipality during the preceding month. The Department 431
of Revenue shall have the authority to promulgate such rules and 432
regulations as is necessary to determine the number of gallons of 433
gasoline and diesel fuel sold by distributors to consumers and 434
retailers in each municipality. In determining the percentage 435
allocation of funds under this subsection for the fiscal year 436
beginning July 1, 1987, and ending June 30, 1988, the Department 437
of Revenue may consider gallons of gasoline and diesel fuel sold 438
for a period of less than one (1) fiscal year. For the purposes 439
of this subsection, the term "fiscal year" means the fiscal year 440
beginning July 1 of a year. 441
(3) On or before September 15, 1987, and on or before the 442
fifteenth day of each succeeding month, until the date specified 443
in Section 65-39-35, the proceeds derived from contractors' taxes 444
levied under Section 27-65-21 on contracts for the construction or 445
reconstruction of highways designated under the highway program 446
created under Section 65-3-97 shall, except as otherwise provided 447
in Section 31-17-127, be deposited into the State Treasury to the 448
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credit of the State Highway Fund to be used to fund that highway 449
program. The Mississippi Department of Transportation shall 450
provide to the Department of Revenue such information as is 451
necessary to determine the amount of proceeds to be distributed 452
under this subsection. 453
(4) On or before August 15, 1994, and on or before the 454
fifteenth day of each succeeding month through July 15, 1999, from 455
the proceeds of gasoline, diesel fuel or kerosene taxes as 456
provided in Section 27-5-101(a)(ii)1, Four Million Dollars 457
($4,000,000.00) shall be deposited in the State Treasury to the 458
credit of a special fund designated as the "State Aid Road Fund," 459
created by Section 65-9-17. On or before August 15, 1999, and on 460
or before the fifteenth day of each succeeding month through 461
August 15, 2026, from the total amount of the proceeds of 462
gasoline, diesel fuel or kerosene taxes apportioned by Section 463
27-5-101(a)(ii)1, Four Million Dollars ($4,000,000.00) or an 464
amount equal to twenty-three and one-fourth percent (23-1/4%) of 465
those funds, whichever is the greater amount, shall be deposited 466
in the State Treasury to the credit of the "State Aid Road Fund," 467
created by Section 65-9-17. After August 15, 2025, from the total 468
amount of the proceeds of gasoline, diesel fuel or kerosene taxes 469
apportioned by Section 27-5-101(a)(ii)1 and (iii), Five Million 470
Dollars ($5,000,000.00) or an amount equal to twenty-three and 471
one-fourth percent (23-1/4%) of those funds, whichever is greater, 472
shall be deposited in the State Treasury to the credit of the 473
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"State Aid Road Fund" on or before September 15, 2025, and on or 474
before the fifteenth day of each succeeding month through August 475
15, 2026, and Six Million Five Hundred Thousand Dollars 476
($6,500,000.00) or an amount equal to twenty-three and one-fourth 477
percent (23-1/4%) of those funds, whichever is greater, shall be 478
deposited in the State Treasury to the credit of the "State Aid 479
Road Fund" on or before September 15, 2026, and on or before the 480
fifteenth day of each succeeding month through August 15, 2027, 481
and Eight Million Dollars ($8,000,000.00) or an amount equal to 482
twenty-three and one-fourth percent (23-1/4%) of those funds, 483
whichever is greater, shall be deposited in the State Treasury to 484
the credit of the "State Aid Road Fund" on or before September 15, 485
2027, and on or before the fifteenth day of each succeeding month. 486
From the amount of taxes paid into the special fund under this 487
subsection and subsection (9) of this section, there shall be 488
first deducted and paid the amount necessary to pay the expenses 489
of the Office of State Aid Road Construction, as authorized by the 490
Legislature for all other general and special fund agencies. The 491
remainder of the funds shall be allocated monthly to the several 492
counties in accordance with the following formula: 493
(a) One-third (1/3) shall be allocated to all counties 494
in equal shares; 495
(b) One-third (1/3) shall be allocated to counties 496
based on the proportion that the total number of rural road miles 497
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in a county bears to the total number of rural road miles in all 498
counties of the state; and 499
(c) One-third (1/3) shall be allocated to counties 500
based on the proportion that the rural population of the county 501
bears to the total rural population in all counties of the state, 502
according to the latest federal decennial census. 503
For the purposes of this subsection, the term "gasoline, 504
diesel fuel or kerosene taxes" means such taxes as defined in 505
paragraph (f) of Section 27-5-101. 506
The amount of funds allocated to any county under this 507
subsection for any fiscal year after fiscal year 1994 shall not be 508
less than the amount allocated to the county for fiscal year 1994. 509
Any reference in the general laws of this state or the 510
Mississippi Code of 1972 to Section 27-5-105 shall mean and be 511
construed to refer and apply to subsection (4) of Section 512
27-65-75. 513
(5) On or before August 15, 2024, and each succeeding month 514
thereafter, One Million Six Hundred Sixty-six Thousand Six Hundred 515
Sixty-six Dollars ($1,666,666.00) shall be paid into the special 516
fund known as the Education Enhancement Fund created and existing 517
under the provisions of Section 37-61-33. 518
(6) An amount each month beginning August 15, 1983, through 519
November 15, 1986, as specified in Section 6, Chapter 542, Laws of 520
1983, shall be paid into the special fund known as the 521
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Correctional Facilities Construction Fund created in Section 6, 522
Chapter 542, Laws of 1983. 523
(7) On or before August 15, 1992, and each succeeding month 524
thereafter through July 15, 2000, two and two hundred sixty-six 525
one-thousandths percent (2.266%) of the total sales tax revenue 526
collected during the preceding month under the provisions of this 527
chapter, except that collected under the provisions of Section 528
27-65-17(2), shall be deposited by the department into the School 529
Ad Valorem Tax Reduction Fund created under Section 37-61-35. On 530
or before August 15, 2000, and each succeeding month thereafter 531
through August 15, 2025, two and two hundred sixty-six 532
one-thousandths percent (2.266%) of the total sales tax revenue 533
collected during the preceding month under the provisions of this 534
chapter, except that collected under the provisions of Section 535
27-65-17(2), shall be deposited into the School Ad Valorem Tax 536
Reduction Fund created under Section 37-61-35 until such time that 537
the total amount deposited into the fund during a fiscal year 538
equals Forty-two Million Dollars ($42,000,000.00). Thereafter, 539
the amounts diverted under this subsection (7) during the fiscal 540
year in excess of Forty-two Million Dollars ($42,000,000.00) shall 541
be deposited into the Education Enhancement Fund created under 542
Section 37-61-33 for appropriation by the Legislature as other 543
education needs and shall not be subject to the percentage 544
appropriation requirements set forth in Section 37-61-33. On or 545
before September 15, 2025, and each succeeding month thereafter, 546
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two and two hundred sixty-six one-thousandths percent (2.266%) of 547
the total sales tax revenue collected during the preceding month 548
under this chapter, except that collected under Section 549
27-65-17(1)(n) and (2), and three and seventeen one-hundredths 550
percent (3.17%) of the total sales tax revenue collected during 551
the preceding month under Section 27-65-17(1)(n), shall be 552
deposited into the School Ad Valorem Tax Reduction Fund created 553
under Section 37-61-35 until such time that the total amount 554
deposited into the fund during a fiscal year equals Forty-two 555
Million Dollars ($42,000,000.00). Thereafter, the amounts 556
diverted under this subsection (7) during the fiscal year in 557
excess of Forty-two Million Dollars ($42,000,000.00) shall be 558
deposited into the Education Enhancement Fund created under 559
Section 37-61-33 for appropriation by the Legislature as other 560
education needs and shall not be subject to the percentage 561
appropriation requirements set forth in Section 37-61-33. 562
(8) On or before August 15, 1992, and each succeeding month 563
thereafter through August 15, 2025, nine and seventy-three 564
one-thousandths percent (9.073%) of the total sales tax revenue 565
collected during the preceding month under the provisions of this 566
chapter, except that collected under the provisions of Section 567
27-65-17(2), shall be deposited into the Education Enhancement 568
Fund created under Section 37-61-33. On or before September 15, 569
2025, and each succeeding month thereafter, nine and seventy-three 570
one-thousandths percent (9.073%) of the total sales tax revenue 571
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collected during the preceding month under this chapter, except 572
that collected under Section 27-65-17(1)(n) and (2), and twelve 573
and seven-tenths percent (12.7%) of the total sales tax revenue 574
collected during the preceding month under Section 27-65-17(1)(n), 575
shall be deposited into the Education Enhancement Fund created 576
under Section 37-61-33. 577
(9) On or before August 15, 1994, and each succeeding month 578
thereafter, from the revenue collected under this chapter during 579
the preceding month, Two Hundred Fifty Thousand Dollars 580
($250,000.00) shall be paid into the State Aid Road Fund. 581
(10) On or before August 15, 1994, and each succeeding month 582
thereafter through August 15, 1995, from the revenue collected 583
under this chapter during the preceding month, Two Million Dollars 584
($2,000,000.00) shall be deposited into the Motor Vehicle Ad 585
Valorem Tax Reduction Fund established in Section 27-51-105. 586
(11) Notwithstanding any other provision of this section to 587
the contrary, on or before February 15, 1995, and each succeeding 588
month thereafter, the sales tax revenue collected during the 589
preceding month under the provisions of Section 27-65-17(2) and 590
the corresponding levy in Section 27-65-23 on the rental or lease 591
of private carriers of passengers and light carriers of property 592
as defined in Section 27-51-101 shall be deposited, without 593
diversion, into the Motor Vehicle Ad Valorem Tax Reduction Fund 594
established in Section 27-51-105. 595
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(12) Notwithstanding any other provision of this section to 596
the contrary, on or before August 15, 1995, and each succeeding 597
month thereafter, the sales tax revenue collected during the 598
preceding month under the provisions of Section 27-65-17(1) on 599
retail sales of private carriers of passengers and light carriers 600
of property, as defined in Section 27-51-101 and the corresponding 601
levy in Section 27-65-23 on the rental or lease of these vehicles, 602
shall be deposited, after diversion, into the Motor Vehicle Ad 603
Valorem Tax Reduction Fund established in Section 27-51-105. 604
(13) On or before July 15, 1994, and on or before the 605
fifteenth day of each succeeding month thereafter, that portion of 606
the avails of the tax imposed in Section 27-65-22 that is derived 607
from activities held on the Mississippi State Fairgrounds Complex 608
shall be paid into a special fund that is created in the State 609
Treasury and shall be expended upon legislative appropriation 610
solely to defray the costs of repairs and renovation at the Trade 611
Mart and Coliseum. 612
(14) On or before August 15, 1998, and each succeeding month 613
thereafter through July 15, 2005, that portion of the avails of 614
the tax imposed in Section 27-65-23 that is derived from sales by 615
cotton compresses or cotton warehouses and that would otherwise be 616
paid into the General Fund shall be deposited in an amount not to 617
exceed Two Million Dollars ($2,000,000.00) into the special fund 618
created under Section 69-37-39. On or before August 15, 2007, and 619
each succeeding month thereafter through July 15, 2010, that 620
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portion of the avails of the tax imposed in Section 27-65-23 that 621
is derived from sales by cotton compresses or cotton warehouses 622
and that would otherwise be paid into the General Fund shall be 623
deposited in an amount not to exceed Two Million Dollars 624
($2,000,000.00) into the special fund created under Section 625
69-37-39 until all debts or other obligations incurred by the 626
Certified Cotton Growers Organization under the Mississippi Boll 627
Weevil Management Act before January 1, 2007, are satisfied in 628
full. On or before August 15, 2010, and each succeeding month 629
thereafter through July 15, 2011, fifty percent (50%) of that 630
portion of the avails of the tax imposed in Section 27-65-23 that 631
is derived from sales by cotton compresses or cotton warehouses 632
and that would otherwise be paid into the General Fund shall be 633
deposited into the special fund created under Section 69-37-39 634
until such time that the total amount deposited into the fund 635
during a fiscal year equals One Million Dollars ($1,000,000.00). 636
On or before August 15, 2011, and each succeeding month 637
thereafter, that portion of the avails of the tax imposed in 638
Section 27-65-23 that is derived from sales by cotton compresses 639
or cotton warehouses and that would otherwise be paid into the 640
General Fund shall be deposited into the special fund created 641
under Section 69-37-39 until such time that the total amount 642
deposited into the fund during a fiscal year equals One Million 643
Dollars ($1,000,000.00). 644
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(15) Notwithstanding any other provision of this section to 645
the contrary, on or before September 15, 2000, and each succeeding 646
month thereafter, the sales tax revenue collected during the 647
preceding month under the provisions of Section 648
27-65-19(1)(d)(i)2, and 27-65-19(1)(d)(i)3 shall be deposited, 649
without diversion, into the Telecommunications Ad Valorem Tax 650
Reduction Fund established in Section 27-38-7. 651
(16) (a) On or before August 15, 2000, and each succeeding 652
month thereafter, the sales tax revenue collected during the 653
preceding month under the provisions of this chapter on the gross 654
proceeds of sales of a project as defined in Section 57-30-1 shall 655
be deposited, after all diversions except the diversion provided 656
for in subsection (1) of this section, into the Sales Tax 657
Incentive Fund created in Section 57-30-3. 658
(b) On or before August 15, 2007, and each succeeding 659
month thereafter, eighty percent (80%) of the sales tax revenue 660
collected during the preceding month under the provisions of this 661
chapter from the operation of a tourism project under the 662
provisions of Sections 57-26-1 through 57-26-5, shall be 663
deposited, after the diversions required in subsections (7) and 664
(8) of this section, into the Tourism Project Sales Tax Incentive 665
Fund created in Section 57-26-3. 666
(17) Notwithstanding any other provision of this section to 667
the contrary, on or before April 15, 2002, and each succeeding 668
month thereafter, the sales tax revenue collected during the 669
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preceding month under Section 27-65-23 on sales of parking 670
services of parking garages and lots at airports shall be 671
deposited, without diversion, into the special fund created under 672
Section 27-5-101(d). 673
(18) [Repealed] 674
(19) (a) On or before August 15, 2005, and each succeeding 675
month thereafter, the sales tax revenue collected during the 676
preceding month under the provisions of this chapter on the gross 677
proceeds of sales of a business enterprise located within a 678
redevelopment project area under the provisions of Sections 679
57-91-1 through 57-91-11, and the revenue collected on the gross 680
proceeds of sales from sales made to a business enterprise located 681
in a redevelopment project area under the provisions of Sections 682
57-91-1 through 57-91-11 (provided that such sales made to a 683
business enterprise are made on the premises of the business 684
enterprise), shall, except as otherwise provided in this 685
subsection (19), be deposited, after all diversions, into the 686
Redevelopment Project Incentive Fund as created in Section 687
57-91-9. 688
(b) For a municipality participating in the Economic 689
Redevelopment Act created in Sections 57-91-1 through 57-91-11, 690
the diversion provided for in subsection (1) of this section 691
attributable to the gross proceeds of sales of a business 692
enterprise located within a redevelopment project area under the 693
provisions of Sections 57-91-1 through 57-91-11, and attributable 694
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to the gross proceeds of sales from sales made to a business 695
enterprise located in a redevelopment project area under the 696
provisions of Sections 57-91-1 through 57-91-11 (provided that 697
such sales made to a business enterprise are made on the premises 698
of the business enterprise), shall be deposited into the 699
Redevelopment Project Incentive Fund as created in Section 700
57-91-9, as follows: 701
(i) For the first six (6) years in which payments 702
are made to a developer from the Redevelopment Project Incentive 703
Fund, one hundred percent (100%) of the diversion shall be 704
deposited into the fund; 705
(ii) For the seventh year in which such payments 706
are made to a developer from the Redevelopment Project Incentive 707
Fund, eighty percent (80%) of the diversion shall be deposited 708
into the fund; 709
(iii) For the eighth year in which such payments 710
are made to a developer from the Redevelopment Project Incentive 711
Fund, seventy percent (70%) of the diversion shall be deposited 712
into the fund; 713
(iv) For the ninth year in which such payments are 714
made to a developer from the Redevelopment Project Incentive Fund, 715
sixty percent (60%) of the diversion shall be deposited into the 716
fund; and 717
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(v) For the tenth year in which such payments are 718
made to a developer from the Redevelopment Project Incentive Fund, 719
fifty percent (50%) of the funds shall be deposited into the fund. 720
(20) On or before January 15, 2007, and each succeeding 721
month thereafter, eighty percent (80%) of the sales tax revenue 722
collected during the preceding month under the provisions of this 723
chapter from the operation of a tourism project under the 724
provisions of Sections 57-28-1 through 57-28-5 shall be deposited, 725
after the diversions required in subsections (7) and (8) of this 726
section, into the Tourism Sales Tax Incentive Fund created in 727
Section 57-28-3. 728
(21) (a) On or before April 15, 2007, and each succeeding 729
month thereafter through June 15, 2013, One Hundred Fifty Thousand 730
Dollars ($150,000.00) of the sales tax revenue collected during 731
the preceding month under the provisions of this chapter shall be 732
deposited into the MMEIA Tax Incentive Fund created in Section 733
57-101-3. 734
(b) On or before July 15, 2013, and each succeeding 735
month thereafter, One Hundred Fifty Thousand Dollars ($150,000.00) 736
of the sales tax revenue collected during the preceding month 737
under the provisions of this chapter shall be deposited into the 738
Mississippi Development Authority Job Training Grant Fund created 739
in Section 57-1-451. 740
(22) On or before June 1, 2024, and each succeeding month 741
thereafter until December 31, 2057, an amount determined annually 742
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by the Mississippi Development Authority of the sales tax revenue 743
collected during the preceding month under the provisions of this 744
chapter shall be deposited into the MMEIA Tax Incentive Fund 745
created in Section 57-125-3. This amount shall be based on 746
estimated payments due within the upcoming year to construction 747
contractors pursuant to construction contracts subject to the tax 748
imposed by Section 27-65-21 for construction to be performed on 749
the project site of a project defined under Section 750
57-75-5(f)(xxxiii) for the coming year. 751
(23) Notwithstanding any other provision of this section to 752
the contrary, on or before August 15, 2009, and each succeeding 753
month thereafter, the sales tax revenue collected during the 754
preceding month under the provisions of Section 27-65-201 shall be 755
deposited, without diversion, into the Motor Vehicle Ad Valorem 756
Tax Reduction Fund established in Section 27-51-105. 757
(24) (a) On or before August 15, 2019, and each month 758
thereafter through July 15, 2020, one percent (1%) of the total 759
sales tax revenue collected during the preceding month from 760
restaurants and hotels shall be allocated for distribution to the 761
Mississippi Development Authority Tourism Advertising Fund 762
established under Section 57-1-64, to be used exclusively for the 763
purpose stated therein. On or before August 15, 2020, and each 764
month thereafter through July 15, 2021, two percent (2%) of the 765
total sales tax revenue collected during the preceding month from 766
restaurants and hotels shall be allocated for distribution to the 767
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Mississippi Development Authority Tourism Advertising Fund 768
established under Section 57-1-64, to be used exclusively for the 769
purpose stated therein. On or before August 15, 2021, and each 770
month thereafter, three percent (3%) of the total sales tax 771
revenue collected during the preceding month from restaurants and 772
hotels shall be allocated for distribution to the Mississippi 773
Development Authority Tourism Advertising Fund established under 774
Section 57-1-64, to be used exclusively for the purpose stated 775
therein. The revenue diverted pursuant to this subsection shall 776
not be available for expenditure until February 1, 2020. 777
(b) The Joint Legislative Committee on Performance 778
Evaluation and Expenditure Review (PEER) must provide an annual 779
report to the Legislature indicating the amount of funds deposited 780
into the Mississippi Development Authority Tourism Advertising 781
Fund established under Section 57-1-64, and a detailed record of 782
how the funds are spent. 783
(25) On or before September 15, 2026, and each succeeding 784
month thereafter, fifty percent (50%) of the total sales tax 785
revenue collected during the preceding month under Section 786
27-65-17(1)(b) and (c)(i) on retail sales of farm tractors and 787
parts and labor used to maintain and/or repair such tractors, and 788
retail sales of farm implements shall be deposited, after 789
diversion, into the Mississippi Agriculture and Timber Economic 790
Development Fund created in Section 2 of this act. 791
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( * * *26) The remainder of the amounts collected under the 792
provisions of this chapter shall be paid into the State Treasury 793
to the credit of the General Fund. 794
( * * *27) (a) It shall be the duty of the municipal 795
officials of any municipality that expands its limits, or of any 796
community that incorporates as a municipality, to notify the 797
commissioner of that action thirty (30) days before the effective 798
date. Failure to so notify the commissioner shall cause the 799
municipality to forfeit the revenue that it would have been 800
entitled to receive during this period of time when the 801
commissioner had no knowledge of the action. 802
(b) (i) Except as otherwise provided in subparagraph 803
(ii) of this paragraph, if any funds have been erroneously 804
disbursed to any municipality or any overpayment of tax is 805
recovered by the taxpayer, the commissioner may make correction 806
and adjust the error or overpayment with the municipality by 807
withholding the necessary funds from any later payment to be made 808
to the municipality. 809
(ii) Subject to the provisions of Sections 810
27-65-51 and 27-65-53, if any funds have been erroneously 811
disbursed to a municipality under subsection (1) of this section 812
for a period of three (3) years or more, the maximum amount that 813
may be recovered or withheld from the municipality is the total 814
amount of funds erroneously disbursed for a period of three (3) 815
years beginning with the date of the first erroneous disbursement. 816
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ST: Agriculture and timber economic
development; issue bonds and establish program
for.
However, if during such period, a municipality provides written 817
notice to the Department of Revenue indicating the erroneous 818
disbursement of funds, then the maximum amount that may be 819
recovered or withheld from the municipality is the total amount of 820
funds erroneously disbursed for a period of one (1) year beginning 821
with the date of the first erroneous disbursement. 822
SECTION 4. This act shall take effect and be in force from 823
and after July 1, 2026. 824