HB 1523

AN ACT TO PROVIDE THAT THE DEPARTMENT OF FINANCE AND ADMINISTRATION SHALL ESTABLISH A PROGRAM TO MAKE GRANTS TO FARMERS TO ASSIST WITH THE PURCHASE OF NEW FARM TRACTORS AND PARTS AND LABOR USED TO MAINTAIN AND/OR REPAIR SUCH TRACTORS, AND NEW FARM IMPLEMENTS TAXED AT THE RATE OF 1.5% UNDER SECTION 27-65-17; TO PROVIDE AN APPLICATION PROCESS FOR THE PROGRAM; TO CREATE THE "FARM EQUIPMENT GRANT FUND" AS A SPECIAL FUND IN THE STATE TREASURY; TO PROVIDE THAT MONIES IN THE FUND SHALL BE USED BY THE DEPARTMENT OF FINANCE AND ADMINISTRATION, UPON APPROPRIATION BY THE LEGISLATURE, TO MAKE GRANTS UNDER THIS ACT; TO AMEND SECTION 27-65-75, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT A PORTION OF THE STATE SALES TAX REVENUE COLLECTED FROM THE RETAIL SALES OF FARM TRACTORS AND PARTS AND LABOR USED TO MAINTAIN AND/OR REPAIR SUCH TRACTORS, AND FARM IMPLEMENTS TAXED AT THE RATE OF 1.5% UNDER SECTION 27-65-17, SHALL BE DEPOSITED INTO THE FARM EQUIPMENT GRANT FUND CREATED IN THIS ACT; AND FOR RELATED PURPOSES.