1-16G-64. Reinvestment payment fund created. There is hereby created the reinvestment payment fund for the purpose of making reinvestment payments pursuant to the provisions of §§ 1-16G-56 to 1-16G-68, inclusive, and new frontiers payments pursuant to the provisions of §§ 1-16G-73 to 1-16G-84, inclusive.
If the board approves a reinvestment payment pursuant to the provisions of §§ 1-16G-56 to 1-16G-68, inclusive, the Department of Revenue shall deposit into the fund a portion or all of the sales and use taxes paid by the project owner up to a maximum amount of the reinvestment payment approved by the board.
If the board approves a new frontiers payment pursuant to the provisions of §§ 1-16G-73 to 1-16G-84, inclusive, the Department of Revenue shall deposit into the fund a portion or all of the sales and use taxes paid by the program owner up to a maximum amount of the new frontiers payment approved by the board.
The funds in the reinvestment project fund are continuously appropriated to GOED to make reinvestment payments pursuant to §§ 1-16G-56 to 1-16G-68, inclusive, and new frontiers payments pursuant to §§ 1-16G-73 to 1-16G-84, inclusive. If any money deposited in the fund and set aside for a specific reinvestment payment or new frontiers payment is in excess of the final reinvestment or new frontiers payment, as applicable, or the specific project or program becomes ineligible for the reinvestment or new frontiers payment, as applicable, such money shall be deposited into the general fund. Interest earned on money in the fund shall be deposited into the general fund.
Source: SL 2013, ch 7, § 32, eff. Mar. 20, 2013; SL 2016, ch 5, § 13.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.