1999 Regular Session
To: Forestry; Finance
By: Senator(s) Harvey, Thames, Stogner, Furniss
Senate Bill 2708
(As Passed the Senate)
AN ACT TO REQUIRE THAT THE FIRST $2,000,000.00 OF ESTATE TAX REVENUE COLLECTED IN EACH FISCAL YEAR SHALL BE DEPOSITED INTO THE FOREST RESOURCE DEVELOPMENT FUND; TO AMEND SECTION 49-19-227, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. The first Two Million Dollars ($2,000,000.00) of the revenue collected under the provisions of this chapter in any fiscal year that is determined not to be refundable under Section 27-9-47 shall be paid and distributed to the Forest Resource Development Fund created pursuant to Section 49-19-227.
SECTION 2. Section 49-19-227, Mississippi Code of 1972, is amended as follows:
49-19-227. There is hereby created in the State Treasury a special fund to be designated the Forest Resource Development Fund, fiscal management and responsibility for which is hereby vested in the State Forestry Commission and which shall consist of that portion of the privilege tax on timber and timber products as authorized by Section 27-25-11, Mississippi Code of 1972, the money required to be deposited pursuant to Section 1 of Senate Bill No. 2708, 1999 Regular Session, and any funds appropriated specifically therefor by the Legislature. The Legislature shall appropriate such sums as it may deem necessary including any proceeds of general obligation bonds which may be authorized by the Legislature for the support of the Forest Resources Development Program provided for under Sections 49-19-201 through 49-19-227. Those funds appropriated by the Legislature remaining in the special fund at the end of any fiscal year shall lapse into the General Fund, but other funds shall remain in the special fund.
SECTION 3. Section 1 of this act shall be codified in Chapter 9, Title 27, Mississippi Code of 1972.
SECTION 4. This act shall take effect and be in force from and after July 1, 1999.