HB 4040

AN ACT TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS FOR THE MISSISSIPPI AGRICULTURE AND TIMBER ECONOMIC DEVELOPMENT FUND CREATED IN THIS ACT; TO REQUIRE THE MISSISSIPPI DEVELOPMENT AUTHORITY TO ESTABLISH A PROGRAM TO RECRUIT AGRICULTURE AND TIMBER RELATED ECONOMIC DEVELOPMENT TO MISSISSIPPI THAT WILL PROVIDE NEW MARKETS AND ADDITIONAL AND INCREASED ACCESS TO EXISTING MARKETS FOR THE SALE OF MISSISSIPPI'S AGRICULTURE AND TIMBER COMMODITIES; TO CREATE THE "MISSISSIPPI AGRICULTURE AND TIMBER ECONOMIC DEVELOPMENT FUND" AS A SPECIAL FUND IN THE STATE TREASURY TO BE ADMINISTERED BY THE MISSISSIPPI DEVELOPMENT AUTHORITY; TO PROVIDE THAT MONIES IN THE SPECIAL FUND SHALL BE USED BY THE MISSISSIPPI DEVELOPMENT AUTHORITY, UPON APPROPRIATION BY THE LEGISLATURE, FOR THE PURPOSES PROVIDED IN 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 MISSISSIPPI AGRICULTURE AND TIMBER ECONOMIC DEVELOPMENT FUND CREATED IN THIS ACT; AND FOR RELATED PURPOSES.