Bill Text: MS SB2078 | 2022 | Regular Session | Introduced


Bill Title: Capitol complex Improvement District; increase DFA's borrowing authority and divert use tax revenue for.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2022-02-23 - Died In Committee [SB2078 Detail]

Download: Mississippi-2022-SB2078-Introduced.html

MISSISSIPPI LEGISLATURE

2022 Regular Session

To: Finance

By: Senator(s) Blount

Senate Bill 2078

AN ACT TO AMEND SECTION 29-5-215, MISSISSIPPI CODE OF 1972, TO INCREASE THE BORROWING AUTHORITY OF THE DEPARTMENT OF FINANCE AND ADMINISTRATION, FROM $7,000,000.00 TO $14,000,000.00, FOR THE PURPOSE OF PAYING THE COSTS OF IMPLEMENTING AND ADMINISTERING THE IMPROVEMENT PROJECTS IN THE CAPITOL COMPLEX IMPROVEMENT DISTRICT COMPREHENSIVE PLAN, AND TO ADD USE TAX REVENUE AS A SOURCE OF FUNDING FOR THE CAPITOL COMPLEX IMPROVEMENT DISTRICT PROJECT FUND; TO AMEND SECTION 27-67-31, MISSISSIPPI CODE OF 1972, TO DIVERT TO THE CAPITOL COMPLEX IMPROVEMENT DISTRICT PROJECT FUND A CERTAIN PORTION OF USE TAX REVENUE BASED ON THE PERCENTAGE OF THE MISSISSIPPI POPULATION RESIDING IN THE CITY OF JACKSON; AND FOR RELATED PURPOSES.

     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

     SECTION 1.  Section 29-5-215, Mississippi Code of 1972, is amended as follows:

     29-5-215.  (1)  There is created in the State Treasury the Capitol Complex Improvement District Project Fund, into which shall be deposited the money specified in Sections 27-65-75(1)(c) and 27-67-31, and such other money from whatever source derived.

     (2)  An amount not to exceed five percent (5%) of the amount deposited into the fund may be utilized to reimburse the Department of Finance and Administration for the cost of providing necessary personnel, services or other expenses it incurs in performing its duties under Sections 29-5-201 through 29-5-217.

     (3)  An amount not to exceed ten percent (10%) of the amount deposited into the fund may be utilized, in the discretion of the Executive Director of the Department of Finance and Administration, to compensate the City of Jackson for general police and fire protection provided by the city in the Capitol Complex Improvement District created in Section 29-5-203 and for police coverage for major events conducted within such district.

     (4)  An amount of not less than eighty-five percent (85%) of the amount deposited into the fund, which shall be designated as "improvement project funds," shall be utilized within the district for improvement projects in accordance with the comprehensive plan described in Section 29-5-209.  In addition to fully funding improvement projects, money in the fund may be utilized to fund a portion of an improvement project in cases in which other funds are available for a project and may be used as leverage or matching funds for projects in the district that comport with the district's comprehensive plan.

     (5)  Money in the fund shall be expended upon appropriation by the Legislature.  Unexpended amounts remaining in the fund at the end of the state fiscal year shall not lapse into the State General Fund, and investment earnings on amounts in the fund shall be deposited to the credit of the fund.

     (6)  The Department of Finance and Administration, with the concurrence of the State Bond Commission, is authorized to incur debt, including notes or other evidences of indebtedness, for the purpose of paying the costs of implementing and administering the improvement projects outlined in the comprehensive plan established pursuant to Section 29-5-209.  Any debt incurred to pay such costs may be secured by the sales tax and use tax revenue that is required to be deposited to the Capitol Complex Improvement District Project Fund under Sections 27-65-75(1)(c) and 27-67-31.  All notes or certificates of indebtedness issued for purposes of this subsection shall mature in approximately equal installments of principal and interest over a period not to exceed five (5) years from the date of issuance thereof.  The maximum amount of debt that may be incurred by the Department of Finance and Administration under this subsection shall not exceed * * * Seven Million Dollars ($7,000,000.00) Fourteen Million Dollars ($14,000,000.00).

     SECTION 2.  Section 27-67-31, Mississippi Code of 1972, is amended as follows:

     27-67-31.  All administrative provisions of the sales tax law, and amendments thereto, including those which fix damages, penalties and interest for failure to comply with the provisions of said sales tax law, and all other requirements and duties imposed upon taxpayer, shall apply to all persons liable for use taxes under the provisions of this article.  The commissioner shall exercise all power and authority and perform all duties with respect to taxpayers under this article as are provided in said sales tax law, except where there is conflict, then the provisions of this article shall control.

     The commissioner may require transportation companies to permit the examination of waybills, freight bills, or other documents covering shipments of tangible personal property into this state.

     On or before the fifteenth day of each month, the amount received from taxes, damages and interest under the provisions of this article during the preceding month shall be paid and distributed as follows:

          (a)  On or before July 15, 1994, through July 15, 2000, and each succeeding month thereafter, two and two hundred sixty-six one-thousandths percent (2.266%) of the total use tax revenue collected during the preceding month under the provisions of this article shall be deposited in the School Ad Valorem Tax Reduction Fund created pursuant to Section 37-61-35.  On or before August 15, 2000, and each succeeding month thereafter, two and two hundred sixty-six one-thousandths percent (2.266%) of the total use tax revenue collected during the preceding month under the provisions of this chapter shall be deposited into the School Ad Valorem Tax Reduction Fund created under Section 37-61-35 until such time that the total amount deposited into the fund during a fiscal year equals Four Million Dollars ($4,000,000.00).  Thereafter, the amounts diverted under this paragraph (a) during the fiscal year in excess of Four Million Dollars ($4,000,000.00) shall be deposited into the Education Enhancement Fund created under Section 37-61-33 for appropriation by the Legislature as other education needs and shall not be subject to the percentage appropriation requirements set forth in Section 37-61-33.

          (b)  On or before July 15, 1994, and each succeeding month thereafter, nine and seventy-three one-thousandths percent (9.073%) of the total use tax revenue collected during the preceding month under the provisions of this article shall be deposited into the Education Enhancement Fund created pursuant to Section 37-61-33.

          (c)  On or before July 15, 1997, and on or before the fifteenth day of each succeeding month thereafter, the revenue collected under the provisions of this article imposed and levied as a result of Section 27-65-17(2) and the corresponding levy in Section 27-65-23 on the rental or lease of private carriers of passengers and light carriers of property as defined in Section 27-51-101 shall be deposited into the Motor Vehicle Ad Valorem Tax Reduction Fund created pursuant to Section 27-51-105.

          (d)  On or before July 15, 1997, and on or before the fifteenth day of each succeeding month thereafter and after the deposits required by paragraphs (a) and (b) of this section are made, the remaining revenue collected under the provisions of this article imposed and levied as a result of Section 27-65-17(1) and the corresponding levy in Section 27-65-23 on the rental or lease of private carriers of passengers and light carriers of property as defined in Section 27-51-101 shall be deposited into the Motor Vehicle Ad Valorem Tax Reduction Fund created pursuant to Section 27-51-105.

          (e)  On or before August 15, 2019, and each succeeding month thereafter through July 15, 2020, three and three-fourths percent (3-3/4%) of the total use tax revenue collected during the preceding month under the provisions of this article shall be deposited into the special fund created in Section 27-67-35(1).  On or before August 15, 2020, and each succeeding month thereafter through July 15, 2021, seven and one-half percent (7-1/2%) of the total use tax revenue collected during the preceding month under the provisions of this article shall be deposited into the special fund created in Section 27-67-35(1).  On or before August 15, 2021, and each succeeding month thereafter through July 15, 2022, eleven and one-fourth percent (11-1/4%) of the total use tax revenue collected during the preceding month under the provisions of this article shall be deposited into the special fund created in Section 27-67-35(1).  On or before August 15, 2022, and each succeeding month thereafter, fifteen percent (15%) of the total use tax revenue collected during the preceding month under the provisions of this article shall be deposited into the special fund created in Section 27-67-35(1).

          (f)  On or before August 15, 2019, and each succeeding month thereafter through July 15, 2020, three and three-fourths percent (3-3/4%) of the total use tax revenue collected during the preceding month under the provisions of this article shall be deposited into the special fund created in Section 27-67-35(2).  On or before August 15, 2020, and each succeeding month thereafter through July 15, 2021, seven and one-half percent (7-1/2%) of the total use tax revenue collected during the preceding month under the provisions of this article shall be deposited into the special fund created in Section 27-67-35(2).  On or before August 15, 2021, and each succeeding month thereafter through July 15, 2022, eleven and one-fourth percent (11-1/4%) of the total use tax revenue collected during the preceding month under the provisions of this article shall be deposited into the special fund created in Section 27-67-35(2).  On or before August 15, 2022, and each succeeding month thereafter, fifteen percent (15%) of the total use tax revenue collected during the preceding month under the provisions of this article shall be deposited into the special fund created in Section 27-67-35(2).

          (g)  On or before August 15, 2019, and each succeeding month thereafter through July 15, 2020, Four Hundred Sixteen Thousand Six Hundred Sixty-six Dollars and Sixty-seven Cents ($416,666.67) or one and one-fourth percent (1-1/4%) of the total use tax revenue collected during the preceding month under the provisions of this article, whichever is the greater amount, shall be deposited into the Local System Bridge Replacement and Rehabilitation Fund created in Section 65-37-13.  On or before August 15, 2020, and each succeeding month thereafter through July 15, 2021, Eight Hundred Thirty-three Thousand Three Hundred Thirty-three Dollars and Thirty-four Cents ($833,333.34) or two and one-half percent (2-1/2%) of the total use tax revenue collected during the preceding month under the provisions of this article, whichever is the greater amount, shall be deposited into the Local System Bridge Replacement and Rehabilitation Fund created in Section 65-37-13.  On or before August 15, 2021, and each succeeding month thereafter through July 15, 2022, One Million Two Hundred Fifty Thousand Dollars ($1,250,000.00) or three and three-fourths percent (3-3/4%) of the total use tax revenue collected during the preceding month under the provisions of this article, whichever is the greater amount, shall be deposited into the Local System Bridge Replacement and Rehabilitation Fund created in Section 65-37-13.  On or before August 15, 2022, and each succeeding month thereafter, One Million Six Hundred Sixty-six Thousand Six Hundred Sixty-six Dollars and Sixty-seven Cents ($1,666,666.67) or five percent (5%) of the total use tax revenue collected during the preceding month under the provisions of this article, whichever is the greater amount, shall be deposited into the Local System Bridge Replacement and Rehabilitation Fund created in Section 65-37-13.

          (h)  On or before August 15, 2020, and each succeeding month thereafter through July 15, 2022, One Million Dollars ($1,000,000.00) of the total use tax revenue collected during the preceding month under the provisions of this article shall be deposited into the Local System Bridge Replacement and Rehabilitation Fund created in Section 65-37-13.  Amounts deposited into the Local System Bridge Replacement and Rehabilitation Fund under this paragraph (h) shall be in addition to amounts deposited into the fund under paragraph (g) of this section.

          (i)  On or before August 15, 2022, and each succeeding month thereafter until August 14, 2023, two percent (2%) of the total use tax revenue collected during the preceding month under the provisions of this article, multiplied by the percentage of the Mississippi population residing in the City of Jackson as of the latest federal decennial census, shall be deposited into the Capitol Complex Improvement District Project Fund created in Section 29-5-215.  On or before August 15, 2023, and each succeeding month thereafter until August 14, 2024, four percent (4%) of the total use tax revenue collected during the preceding month under the provisions of this article, multiplied by the percentage of the Mississippi population residing in the City of Jackson as of the latest federal decennial census, shall be deposited into the Capitol Complex Improvement District Project Fund created in Section 29-5-215.  On or before August 15, 2024, and each succeeding month thereafter, six percent (6%) of the total use tax revenue collected during the preceding month under the provisions of this article, multiplied by the percentage of the Mississippi population residing in the City of Jackson as of the latest federal decennial census, shall be deposited into the Capitol Complex Improvement District Project Fund created in Section 29-5-215.

          ( * * *ij)  The remainder of the amount received from taxes, damages and interest under the provisions of this article shall be paid into the General Fund of the State Treasury by the commissioner.

     SECTION 3.  This act shall take effect and be in force from and after its passage.


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