Section 57-125-3 - MMEIA Tax Incentive Fund created; purpose; incentive payments(1) There is created in the State Treasury a special fund to be known as the "MMEIA Tax Incentive Fund," into which shall be deposited such money as provided in Section 27-65-75(22). The monies in the fund shall be used for the purpose of making the incentive payments authorized in Sections 17 through 19 of this act. The fund shall be administered by the MDA. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned on or investment earnings on the amounts in the fund shall be deposited to the credit of the fund. The MDA may use not more than one percent (1%) of interest earned or investment earnings, or both, on amounts in the fund for administration and management of the incentive program authorized under Sections 17 through 19 of this act.(2) Subject to the provisions of this section, incentive payments may be made by the MDA to an approved participant that incurs component construction material and labor costs to locate an MMEIA construction rebate project in the state. The payments to an approved participant shall be for an amount equal to three and fifteen one-hundredths percent (3.15%) of the total construction costs paid to construction contractors pursuant to construction contracts subject to the tax imposed by Section 27-65-21. The MDA shall make payments to an approved participant no more frequently than a quarterly basis. The MDA shall make the calculations necessary to make the payments provided for in this section. The MDA shall cease making incentive payments to an approved participant no later than December 31, 2057. At such time that incentive payments are no longer required to be made to an approved participant, the MDA shall notify the Department of Revenue, and the sales tax revenue shall no longer be deposited into the MMEIA Tax Incentive Fund. Any amounts remaining in the fund that were collected from such project shall be transferred to the State General Fund.Added by Laws, 2024EX2, ch. 3, SB 2001,§ 18, eff. 1/30/2024.